Great to see another Albertan getting into the old pickups!
If it's been swapped onto a new chassis, it's imperative that you make sure it was done properly and safely.
Your tow capacity will not be limited by the engine (since it's a 454), but by the suspension setup under the truck, as well as the gear ratio. You need to find out what the frame was, if it was a 1/2 ton, 3/4 ton, etc. You will want to consider where they mounted the fuel tank as well, to make sure that it wouldn't interfere with a hitch.
We've saved a lot of money by driving all over the province dragging a trailer and coming home empty. If something seems off or there is concern about the way the truck was done, you can always go home.
Where in AB is the truck located? Make sure it is actually registered in AB too, and that it's registered as the body year and serial number, to avoid potential issues in the future.