HP is 185@3800, Torque is 270@2400.
Maximum towing capacity for '96 is listed as 7800lbs. That is probably the rating for the 5.7 with the factory towing package, I'm not sure.
I routinely tow a 4000lb. boat with my '92 5.0. The limiting factors are the short wheelbase and the relatively weak engine.
The short whelbase leaves you vulnerable to a sway situation if you're not careful. My Bronco really tends to shimmy on windy days towing along the highway. I have towed the same boat with my girlfriend's Trail Blazer with a longer wheelbase and had no such problems.
The 5.0 will do a pretty good job until you come to a large hill. There is one pretty big hill, about 2 miles long and steep that I have to climb while towing my boat to my camp where my bronco really struggles. I just know beforehand it will be 35mph to the top.
Some tips if you're going to do it,
1) If you have an auto tranny, make sure you have an auxiliary cooler, or else you will ruin your transmission pretty quickly.
2) Set your tongue weight to between 7-10% of your total trailer weight. This will reduce sway as much as possible.