I have a Fastway E2 hitch also. I tow my 66 Trade Wind with it. The Trade Wind weighs about 4500 loaded with about 500 hitch weight. I think your E2 will work just fine. It is designed to distribute weight and control sway with friction.
Here is how I set mine up.
1. Mount the hitch on the trailer A frame per the instructions.
2. Measure how high your pickup receiver square is from level pavement. Mine was 21".
3. Have your trailer on level pavement, and level the trailer front to back and side to side. Now measure the distance from your trailer's ball coupler to the pavement. My Trade Wind was 18".
4. The difference between these two measurements is the "drop" you need with the shank to get the hitch head ball at 18". Mount the hitch head to the shank per the instructions. I think I used 6 washers to tilt the hitch head downward per the instructions.
5. Measure the pickup fender lips to level ground at all 4 wheels and record the measurements. The pickup is loaded like you're going to take a trip. Your generator, compressor, tools, BBQ grill, bicycles, St Barnard dog, mother in law and everything else you take is in the pickup.
6. Hitch the trailer to the pickup and lift the tongue jack. Watch your pick up "squat" in the rear. The front of the pickup is likely lifted some.
7. Measure the pickup fender lips to ground at all 4 wheels and record. Determine how much the rear of the truck went down, and how far the front of the truck went up.
8. Your task now is to restore the fender lip measurements the best you can. You will not be able to get it perfect, but you want to restore 80% of it if you can. A weight distributing hitch is like taking a 10 foot long pipe, putting it in the truck square receiver. and lifting the back of the truck up.
9. Lower the tongue jack with the hitch still connected. Lift the back of the truck up (along with the front of the trailer of course) until you have restored the front wheel fender lip measurements. Both truck and trailer ought to look level now.
10. Select a spring bar L bracket hole pattern that supports the spring bars without adjusting the tongue jack. Tighten the nuts. The spring bars should look sorta level with the A frame. A little downward slope is okay too.
11. Put in the spring bar keepers. Now raise the tongue jack. The spring bars ought to keep the truck from squatting. Measure the fender lips. Well, how did you do in restoring the original measurements?
12. You can always increase the load on the spring bars one more hole pattern up if you need to distribute more weight to the front of the truck. You don't want a "light" steering feel because you have too much weight on the back of the truck. And you don't want your headlights shinning on tree tops as you drive at night.
13. Check that everything is connected, lights work, brakes work, and tow your trailer several miles on a less traveled road. Park it again on level ground and remeasure fender well lips at each wheel to insure they haven't changed much.
14. Do not exceed the gross vehicle weight ratings, or the combined vehicle weight ratings for your pickup. If in doubt, go to a weight scale and verify you are not overloading the truck or trailer for that matter.
That's what I did with my E2 hitch. I had trouble with the spring bar supports moving on the A frame. I added a shim between the bolts and the frame. I think it will solve the problem but I haven't towed it yet to test it out. Here is my thread on that subject:
I hope this helps a bit.