Depends. You don't say why it needs towing. Neutral isolates the crank
from the driveshaft. If your problem is the engine you can tow. Better
and safer to put it on a trailer if you can.

It's a manual transmission with no overdrive. Put it in neutral and tow
all you want. Your can't hurt anything in that gearbox. Unlike the early
BW35's that had a rear pump that could be driven by the rear wheels and
would overheat to the point where flames would shoot out of the
dipstick, the M47 won't do anything but spin the output shaft at normal
operating speeds.

Bob