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Welcome BTW. If the GCVW is within range it maybe that you need a little lower rear end gear to make it work. You need to access your engines health first to figure out which direction to head. What engine, Trans, and rear end do you currently have? Trailer brakes? Sway control? Weight distributing hitch. LT C rated tires? These are all safety concerns to have.
Basic stats are in my sig, but I'll rehash and expand. 350 ciTH400 3 speed auto (unconfirmed)3.73 rear end (unconfirmed, but pretty sure)Accelerometer based progressive brake controllerElectric trailer brakesWeight distributing hitch with sway controlI'd have to check on the tire rating, but they are brand newTowing stability has been excellent...even in high wind. I just need some more oomph.
From your description, it sounds like it's an original '74. Does the engine still have the points distributor?
Not sure, but I can check on that tonight. Think I might just need new points, or better yet, an EI conversion?