Back when that truck was new it was quite capable of towing a period correct 3 horse trailer. 45 mph was the top speed and folks weren’t in such a rush. Upgrading the 216 to a more powerful 261 would be a common modification done in the 60s and 70s. If your plan is for an old truck pulling a modern 3 horse trailer be prepared for extensive modifications to the power train, suspension and brakes.