Interested in hearing suggestions too. I'll share what I do know.
I'm pretty sure the 62 is rated to tow 3500 lbs.
The tranny is going to be the big concern. Keeping it cool is paramount for the A440F auto, if the ATF temp light comes on, pull over and let it cool (the manual gets into this). Switching to synthetic ATF is supposed to drop the operating temp (not sure, but think on order of 10-20 degrees F). If you do overheat it, you are going to want to do a full flush ASAP to keep things from going downhill from there.
The first step to prepping the truck to tow is to add an aux. cooler infront of your rad, downstream (by ATF flow) of the stock cooler in the radiator. The torque convertor generates a lot of heat when it is not locked up (i.e. any time it is in 1-3, and below ~50 mph in OD), so if towing requires slower speeds and significant downshifting for power, you NEED an aux. cooler. From what I have heard, the circulation through the cooling loop cuts down dramatically when the convertor locks up (or maybe just when in OD?), but since it will also produce less heat then, it may balance out.
There is an outfit in Australia (
Wholesale Automatics) that offers an upgraded valvebody (and torque convertor, and full rebuilt tranny too) that improves performance, cooler loop flow, and optionally, convertor lock-up in 3rd (giving better performance and less heat generation on hill climbs etc.). If you are looking at using the truck as a tow rig regularly, this might be a good idea.
If you curious about gearing for towing, swapping on smaller tires will give the same effect as a gearing change. 31"s may not be bad, I've got 235/75s on mine (I think that's a 29" or 30"). That said, some of the 80 series guys have raved about the towing performance they get out of the 3FE, A440F combo after a gear change. If you are curious just because of the larger tires and how it will behave generally, 31"s aren't a big change, lots run 33"s with the stock gearing.
Hope this helps a bit.