I've been towing RV's and race cars since the early 1960's, and here's a few things I'd suggest: Keep the transmission out of overdrive while towing, and definitely get the trailer equipped with brakes. I highly recommend getting the biggest transmission cooler you can find installed while you're at it. 700's are notorious for boiling the fluid while towing.

If you go over 2000 lbs. trailer gross weight (ready to tow) you'll need a Class 2 weight equalizing hitch (Reese, Valley Tow-Rite, etc.) to put part of the tongue weight on the front axle. You need 10% of the trailer weight on the hitch, and a Class 1 hitch is only supposed to have a maximum of 200 lbs. on the ball.
Jerry

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