I have a 1994 E350 with the same diagnosis...have traveled 6000 miles with the light on and pulling a Jeep...just remember you are driving a MH and need to keep your following distances longer than a standard auto and you should be fine.
Ron is spot on in his information. We have a '94 29 foot Calista Cove and based on Ron's earlier suggestions, we got a '06 Jeep Liberty to tow behind 4W down. This MH has a 460 8 cylinder engine. We towed from Portland to Zion, down to the Petrified Forrest, up to Mesa Verde, over to Arches and Capital Reef and back to Portland (~3200 miles) in a 2 week trip over the end of August. We never set any land speed records, but we towed about 65 MPH most of the way.