I have a '95 LS and pulled a 3000 lb boat a few times this summer and didn't have any problems. Towing is a lot of the reason I bought the truck. It seems to do better at 70 than 60 due simply to RPM's.

W/o trailer brakes I had to be extra cautions as far as following distance and planning stops ahead of time, but all in all the truck did great. I just used an $80 hitch that bolted right to the stock bumper plate, but with the kind of weight you're talking about I'm sure you'll want a tow bar. FWIW my brother had a class III put on a Chrysler minivan for $160ish (U-haul).

BTW - Cap - how much work is it to remove the rear bumper cover?? I would really like to run my wires for my lights underneat it instead of around the door jamb.