If the tranny constantly keeps downshifting, you are absolutely correct...........
If the tranny stays in OD it does no harm to the transmission. It is the constant downshifting under heavy load that will stress the fluids and overall system.
That is as B as in B as S as in S.
Towing in overdrive is just fine as long as it's not hunting for a gear and your trany temps aren't out of hand. Been doing it for years in every vehicle I have owned. If it's constantly hunting or in and out of OD, then I take it out of overdrive until it's either flatter, less windy or whatever was causing it.
What they said^^^
I have over 182,000 miles on my E40D and it still works great for towing, never have a second thought about towing in overdrive. Just lock it out if it starts to "search", and put it back when your past the problem area.