We had an 1996 F250 7.3 Powerstroke, extended cab, long bed, 4x4 and traded in late 2011 with 285K miles on it. When newer it got, 20 mpg hwy and 16 towing a two horse steel bumper pull. Sailed over the mountains in Colorado where we lived at the time. We did replace a fuel once...about 80K and 285K.
Auto transmission that never missed a beat. Cam sensor went but that was a common problem...ours did it before the recall was issued and did near a Ford
dealer. Replaced the glow plugs once....plugged in the block heater in cold weather, made sure to wait for the glow plug light to go before turning the key and let it idle a few minutes before moving. Injectors needed replacing when we
traded it along with some front in stuff. We would probably still have it if DH hadn't used it to commute to work for 8 years (102 miles round trip).

Can't imagine a 5.4 engine being much a tow machine...same engine as in our
Expedition. We had a 2006 Dodge 1500 with a 5.7 gas engine and it was not impressive for towing at all and it's pretty flat around here. Gas mileage sucked
compared to the F250.