John Davies advice is spot on (as usual). The GX 460 is not at all a good choice for towing an LE II. However, If you are in a situation where you already own a GX 460 and are not in a position to upgrade your tow vehicle immediately, the GX 460 may serve as a safe "bridge vehicle" to tow the LE II until you can upgrade, especially if the alternative is passing on the LE II altogether.
I faced this situation last year when I was looking at trailers I could tow with my 2004 4Runner V8 Limited (200,000 miles), a vehicle that would tow the smaller Elite easily. Alas, I toured an Elite 1 and realized I was too tall to comfortably stand and sleep. Before eliminating Oliver from consideration, I did my homework and spent many hours on this forum soaking up much wisdom on towing. In the end, I ordered an LE II for August 2020 delivery and proceeded to bring my 4Runner to as close to new condition as possible, all the while dreading the 2,400 mile "test drive" from Hohenwald back to Oregon. Maintenance upgrades included new transmission fluid, new brakes all around, new shocks, and new rear air springs, with all OEM parts.
From what I can tell, my 2004 4Runner V8 Limited is very similar to the current GX 460. They are both built on the same 110 inch wheelbase, and my 4Runner actually came with the Lexus GX 470 drivetrain (full-time AWD) and the automatic leveling rear end. The engine in both is similar as well with similar torque, although the GX 460 has more horsepower than the 4Runner, (less important for towing). The 4Runner is rated to tow 7,000 lbs with the Andersen hitch, whereas the GX 460 is rated at 6,500 lbs.
Our drive home from Hohenwald was comfortable. The LE II pulls nicely with the twin axles and Andersen hitch. We spent two nights at Davy Crockett park and then set off for Oregon. Day one I drove 350 miles, day two I drove 730 miles and day three I drove 715 miles and day four 550 miles. No white knuckles. The engine is adequate for interstate driving, including I-80 across Wyoming (barely) on a 95 degree day with 20 mile cross-headwinds. Steeper off-freeway grades at altitude are a different story. Brakes are strong and not a concern if set up properly. Mileage about 11.5 MPG.
As John said, one reason that the GX 460 (and my 4Runner) could never be an acceptable tow vehicle for the LE II long-term is the meager payload capacity. After considering tongue weight and the weight of the Andersen hitch (essentially three passengers sitting on the back bumper), you are basically limited to a driver and one passenger with next to nothing else in the car. A driver and three passengers is out of the question. Even with a lightly loaded vehicle, you would need to carefully manage tongue weight and be disciplined enough to stay within limits each time you tow.
Since arriving back in Oregon I have added close to 3,000 miles of uneventful towing all within Oregon. I do not regret my decision to limp along with my 4Runner until I can upgrade as I believe I am being disciplined, safe and responsible; and I now own an LE II! I also recognize that I will not have the flexibility to fully enjoy the LE II until I am able to upgrade my tow vehicle, hopefully to electric.
