Update: I towed my 80, as well as everything I own, from Phoenix to Iowa last weekend. I'd guess I had 14K+ total weight, as both beds were completely loaded and I had a roof rack on the 80 loaded as well. The truck had a surprising amount of power- way more than any TBI or 5.7 Vortec I've driven.
I was able to maintain 65+ up 6% grades (and accelerate) if I was willing to let the 5.3 run at 4500 RPM+. My only gripe is the transmission, it wont let me give it more than half throttle without downshifting from 3rd (D) to 2nd. I never put the truck in OD. I think with a programmer to clean up the shifting the truck would have no problems whatsoever.
The mileage sucked, I got about 10.9 for the 1400 mile trip. Best tank was 11.5-ish, and worst was just over 10 MPG.
I took I17 to I40 to I35, avoiding most of the big grades. I pulled a few 6% ers but nothing like going through Colorado.
For pulling grades at altitude regularly I would want a diesel, but for occasional towing over non-mountain terrain, the 1/2 ton gasser is more than adequate, IMO. Night and day compared to earlier trucks. It pulled every bit as strong as the 150,000 mile 6.5 TD Crew cab I drove (and towed with) at my previous job.