I believe your best reference is your owners manual and the rule of thumb a lot of the veterans on this post have -- allow yourself a 15 - 20% buffer from what the owners manual says is the maximum weight for your vehicle (to the guys who post here -- correct me if I'm wrong on that).
I tow a 33' Puma 30DBSS TT (800# TW and about 6900 lbs dry) with my '07 1500 4dr. crew cab Sierra with the 6.0 Liter Vortec Max. I've weighed everything at a truck stop (when loaded with gear and a full tank of gas), checked the owners manual and have consulted with several of the guys in this forum. I'm not over on weight limit, but much closer than I'd like to be. The 6.0 Liter pulls it fine, but the wheelbase of the truck is a little short to be pulling a TT that long. The problem I run into is even with a weight distribution hitch and the bars, the sway is significant especially when an 18 wheeler comes by. We only tow locally and I never run over 55mph, so it's not to much of a problem -- but it does make me nervous. Considering you've got the longer XL your 30' should be okay on sway but something you're still going to want to watch.
Regarding the 2" squat -- some squat is normal, but you want to make sure the front end isn't raised significantly. Your weight distribution hitch should have some adjustment that will help lower the front. I played around with mine for about an hour and got it to the point where the front end was level with the rear when loaded. Consult the hitch owners manual or website for instructions. Here's a link to a brief overview from the company that makes my hitch setup ---- http://www.equalizerhitch.com/productinfo/weight_distribution.php I hope this is of some help.