Congrats and welcome to the site! You picked a great car, the late model XC's are supposed to be the best and your's is the last year the P2 were made.
They'res a lot of good info on this site and very helpful members. Take a look at the Resource section at the top of each page. They're are PDF files for most of the common repairs and maintenance. Even an article on installing a hitch (I just installed one last week).
I would do that timing belt ASAP, I think you're overdue. Since you're going to tow, I would go with an auxiliary trans cooler and keep on on making sure your fluid is fresh (Gibbons wrote a great how-to that is easy to do in the garage).
2005 XC70 - 50/35 Tint, Yakima Rack
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