WTF, you just get the truck and are already wanting 700hp?? Why don't you try it with a gearhead tune and delete first? That's good for just shy of 500hp/1000ft-lbs.
I'm towing a 34' toyhauler and can literally spin the tires if I want even though the hitch has 2500lbs on it (yea, I know, too much.)
It'll climb any grade at any speed I want.
There comes a point where you have to say "how much do I really need in my daily driver?"
Your '11 will hold up around 550 safely. That's a tune, delete, mild-mid turbo mod.
To reach 700, you'll def need rods. Since you are going to do a full teardown to do that, might as well go nutz when you do: port, polish, compounds, dual fuel, ad nausium.
In the meantime, try it w/ a good tune & delete. I think you'll be very surprised how hard it'll pull.