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Towing with a Panther? SURE!!!
I would advise two things; First, NEVER tow in OVERDRIVE, the rear end is geared too long for there to be any benefit, and I'm sure the tranny would blow up in short order. Second, I found towing over about 60 was pointless, since things got pretty lively with the trailer. I have about 250# tongue weight, so there wasn't any sway, but I have bias ply tires on the trailer, running 50 psi, so they tend to get bouncy at higher speeds.
I do change transmission fluid about every 50K and always add friction modifier (FORD).
One last thing, the car just turned 197,000 miles this morning....