Even with 3.31 gears my 2v tows my 5000+ tractor without breaking a sweat. Hauled my grandfather's S-10 to the shop to put a brake line on it, aside from some traction issues starting up a steep gravel hill after a stop sign I wouldn't have known it was back there.
I would put it up against any stock 351W in a similarly equiped truck, torque is the name of the game, something having the most stroke of any Ford light duty truck V-8 greatly helps. I will leave the 302's for my brother's 4.6 to tear apart, they ain't worth my time. I have driven both, neither impressed me in a half ton truck... hence why I didn't get one. They were great motors in their time, but the powerplants that replaced them are doing a right fine job of making them obsolete.