Well here's the story. I did start on my trip to AZ towing my W116 backwards, with the rear wheels on the tow dolly and the front wheels down on the road. I got 40 miles and turned around. What a mess!. Its almost impossible to get the front wheels locked by the steering column in a straight alignment. Hit 60 MPH and the thing starts starts to wander all over. Very stressful and dangerous. I tried several times to unlock the steering column and readjust the wheel, but the locks on the steering column are only every 70 degrees or so - not small enough that you can try to correct it. I know someone will mention having the steering wheel tied so it would not spin if the column lock broke - I did. I used the seatbelt and it worked fine. Actually adjusting the position of the seat allowed me to tighten the belt nicely around the steering wheel.
Anyway, I think the moral of the story is only tow in this manner if for short distances and at non-highway speeds. Off to Yuma (I hope!).
