Using data from U-haul: 2 wheel dolly weighs 750lbs.; tongue weight is ~100lb (nicely over the 10% recommended for trailer), The distance from axle centerline to hitch ball is 8', the axle centerline for the towed vehicle is 1' ahead of the axle centerline. (Quick math says dolly will put 12.5% of weight of front axle on the hitch ball). Lastly, U-haul requires the towed weight (combination of dolly and towed vehicle) to be <80% of the towing vehicle.
From Ford, the standard Class III hitch supports 400lbs. load/4k lbs. towing weight carrying or 600lbs load/6k lbs towing weight distributed. Ford list the minimum weight of a '90 Ranger 4x2 SuperCab as 2,842 lbs.
U-Haul math: 2,842 * .8 = 2,273lbs, max towed weight <- this is the one people have issue with.
Using the '48 Ford F-1, weight is 3.150lbs from Ford's brochue, and it is split 1,805lbs front/1,345 rear.
Now the math:
Tongue weight = 1,805 * .8 = 226 + 100 =
326lb,
under the 400lbs allowed for the hitch.
Towed weight
3964+750 = 3,900lbs, just the 4k allowed for the hitch; but way over U-haul's allowance.
The U-haul cost of $288 one way from Denver to Austin, 5 days allowed isn't unreasonable (IMHO).
I haven't had any issue towing 1k's of km with U-haul tow dollies behind my F-150. Appearantly, I stopped smoother, because the surge brakes work exactly as theory says they should.
If you're building you're own, you want the tongue strong enough for weight distribution bar(s).
Small aside: P series tires are only rated for 80% of the sidewall rating when used as trailer tire (has to do with the reduces suspension more directly transfering load to the tire).