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My wife and I were considering a "half-ton-towable" fifth wheel trailer. The RV dealers will tell you it is no problem, but after analyzing the numbers, I found that there are very few fifth wheel trailers that can be safely towed behind a 2020 F150 with Ford's "Max trailer tow package".
I built a spreadsheet where I input all of the truck's specs, and then could enter trailer specs to get trailer specific load percentages and percent of max/safe buffer load stats.
Most ran way over or maxed out the F150's numbers in either payload (cargo, people, fuel, hitch & trailer hitch weight), or trailer towing capacity, which tops out at 10700# (With 157" WB, 3.5L Ecoboost, 4x4, crew cab, 7050#GVW package,3:55 locking axle, and 20" rims)
We soon decided that half-ton fifth wheel towing was a pipe dream, and started our search for 3/4 or 1-ton trucks that can safely handle the tasks.
There are LOTS of travel trailers that can be safely towed with a half-ton and an equalizing hitch, just not many (any?) fifth wheels.
To the OP: That light fifth wheel with a 5300 dry weight and a 1120 hitch weight would have to have a payload of less than 600# total, including water, propane, gear, pantry, etc. Even this would push a maxed out F150 to within 7% of its payload limit and 6.3% of its GVWR with only two adult passengers and 200# of cargo in the truck. The truck itself would be maxed out, but have a lot of remaining trailer tow capacity. This is where the specs are misleading. The trailer hitch weight (lightly loaded with 600# of payload) plus the 5th wheel hitch in the truck bed have eaten up 65% of that trucks maximum payload without any occupants or cargo in the truck.
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