It won't really have any effect on the ride in the F150, one way or the other. A WD hitch shifts weight from the ball hitch to the front of the truck, improving the load balance but not changing the overall weight the truck carries. The ride and handling is [potentially] affected if you don't have WD.
A WD hitch rated for a 12,000 lb trailer has 1200 lb spring bars and those are overkill for a 7400 lb trailer. Possibly so stiff so you won't get any tension on them and they won't do their load shifting job properly. You really should swap those 1200 lb bars for the 1000 lb version. That's what Equalizer recommends for trailers in the 7000-10,000 lb range. The rest of the hitch is the same - Equalizer uses the same hitch from 6k to 14k, just different spring bars.
You can view the manual for that hitch at https://www.equalizerhitch.com/manuals-guides/manuals/6k-14k-model-owners-manual