Throw away any memory of how older 4cyls behaved, they are not comparable to a modern direct injected turbo. The 5.3 will rev or downshift more often, the 4 produces peak torque at a lower RPM and produces near peak torque in a broader RPM range. The towing power and feel will be better with the 4, and get a little more economy too. I think either engine will perform fine with what you are asking of it, the other subjects I would look at are, Reliable, economical on fuel or truck pricing, personal preference after driving each.
The 2 problems I have with the 4cyl, 1- Tech and design is still new, reliability and longevity are not proven yet. Problem 2 as already mentioned, "no replacement for displacement". It's not all about power numbers on paper, or torque curves or being capable, it is about duty cycle, reliability and longevity. When you are doing the same amount of work out of half the engine size, that little engine isn't going to last as long.
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