4×4 towing

I just bought a full size 1977 fulltime 4x4 truck that I need to tow. A friend of mine has a tow dolly big enough to handle the weight of the truck. The transfer case has a neutral position, and the trans is automatic. My question is with the front wheels on the dolly, and the transfer case on the neutral position, I assume that the transmission would then also be on the neutral position? The front driveshaft has been removed. Is this a safe way to dolly-tow the truck?
Author: michuy