be careful
what Charlie said X 2
here are specs: gross vehicle weight rating 5710 lbs, curb weight 4475 lbs, max payload 1235 lbs
max gross trailer weight braked 5000 lbs for V6 with factory hitch, 7000 lbs for V8 with weight distribution hitch
average horse weighs 1200 lbs, trailer I'd guess 1500 lbs, probably more. Assorted equipment, hay, feed, water, let's say 500 lbs. Total 4400
sounds OK right, less than 5000, but must consider payload in truck. Two horses must mean at least two people, let's say 200 avg, stuff in back say 200, and tongue weight - that is 10% of 4400 = 440. If you are hauling horses you will fill tank (that counts) - approx 250 lbs. Total = 1290, just over max payload (close enough, I might be high on some numbers)
But wait, as Charlie said, horses are unpredictable - they will move in trailer, and they will move a lot!! Consider that bouncing trailer weighs same as the 4Runner curb weight. Also consider the tongue weight. If, no WHEN, one horse leans way ahead - tongue weight goes way up, lets say 20% component of horse's weight - that is 240 lbs - definitely puts way over tongue weight. If both lean ahead, which is most likely if you must hit brakes hard - you can see what can happen. Also consider if they lean way back, say under even slight acceleration, or on those hills you wrote about - tongue unloads - can really impact steering.
The V8 with weight dist hitch gives more capacity to pull, but that extra does nothing for payload which is the limit here, in fact I would think the larger engine would decrease the payload capacity (maybe I'm wrong on that). Also extra capacity can be eaten up by the dynamic effects of moving unpredictable animals.
Bottom line - the 4Runner is a great vehicle, but I would never tow two horse with anything less than a 1/2 ton truck. Been a few years since, but when I was towing a lot I preferred 3/4 ton with goose neck. You are not just carrying a trailer, you are carrying two living animals that are your friends, right?