I did it for quite a while. If the trans even hints at downshifting, manually downshift it (some default to just towing in 'D', it's easier but the 'OD' is kinda nice for fuel mileage on the downhills and flats.....anything uphill it'll start to wonder what gear to go into....just punch it into 'D' at that point as it'll start building a LOT of heat in the trans if you don't). Keep an eye on your uber-gay 10 bolt too (3/4 ton axles are bolt in if you're going to be towing a lot or if you've got an investment in wheels/tires there's a 6 lug semi-float 14 bolt out there in the junkyards that would serve you WELL). If you're planning on doing it a lot, run the biggest trans cooler you can find and put a tranny temp gauge in. A bump in gear ratio wouldn't hurt either from your stock 3.42 ratio.
Oh, and if you have a blue interior, I have a bonus 3rd seat laying around in the garage for you.