Both previous posters are correct when they talk about hunting between gears and tranny overheating, but one point in your original message caught my attention: Please define 'winding out' as you see it when towing in Drive. Naturally, you won't get a nice low 2000 or so RPM's when towing in drive like you do when not towing in OD, but an engine RPM of 3300 or so is not harmful to your motor in any significant way while towing. Your motor can easily maintain that RPM level for extended periods and just might be better off since you develop more HP and increase your coolant and oil flow at that higher engine speed. If you look at a dyno chart for your truck, you will see that you are not producing much usable power at RPM's below 2000, but just enough to keep your truck moving at highway speeds while empty in the most fuel efficient manner it can provide. That is the primary reason why OD is there.
On the other hand, if you had a diesel with the 4L80E tranny, you could tow up to certain weights in OD that in a gasser would require Drive. This is because a diesel produces gobs of torque at much lower engine speeds and uses a low stall speed torque converter that helps reduce hunting between gears when loaded.
You won't get good mileage, you won't get great acceleration, but you also won't be hurting your motor if you tow in Drive.
Cheers - Jonathan