The 4L60E in the chevy has a 3-4 clutch pack that has 6 discs,it is working very hard in OD towing,also the 2-4 band is applied in OD,it has been known to slip under heavy loads. On top of that towing in OD with a gas v8,the gears are usually 3. 42-3. 73,that puts the engines under 2000 rpm's at 70 mph,these gas sers do not have the torque to pull well there,so the transmission gets overcycled(shifts between 3rd,4th,and in and out of lockup often on anything other than flat ground,this is what ultimatley will kill the trans even if it doesnt slip,overcycling will kill it every time. There are mods that can be done to the trans so it will tow reliably in OD(if you have the power to pull it),Ive rebuid a few 700r4's and they are internally similar,i always upgrade the clutch packs to the 9 disc if its in a a tow truck,and there are oversized 4th gear apply pistons that hold the band tighter,eliminating the weak area,Tell your friend to tow in drive it is much better for it,unless it he's towing under 4K lbs,and it is a low load,not a lot of wind drag,and no hills.