Alan: The 310 has been sold. Since a flat tow supports its own weight, all the hitch is dealing with is the drag. If you don't try to jerk it around excessively you won't hurt the hitch like you would with an overweight trailer.
(If you know where the Byron Hill is, southbound on I-75 - the one that chokes the semi's down, I have topped it at 80mph in the 310, towing the Z-71)
74Argosy24MH: I read somewhere that towing increased front tire wear. All I ever towed was a 4x4 truck, which tended to wear the front end anyway, so I can't really verify from personal experience. That said, it seems logical that the load on the front end of a front wheel drive car will be considerably different between having the front wheels pull the car, as when driving it, and having the car pull the front wheels, as when it is being towed. Since most people seem to tow little front wheel drive cars, I think that was the application that I read about. The alignment is set with the assumption that the front wheels will be under load, pulling the car, when the car is pulled and the front wheels are draging, the alignment changes and the tires scrub.
In the owner's manual for my truck, there is a bit of difference in towing capacity between a truck with 4.10 axles (like mine) and an otherwise identical truck with 3.73 axles. Whether a change in axle ratio will increase towing capacity depends on whether you are limited by power or chassis strength.