Tow? TOW, you say? Surely you joust...
It can be done, but on many requires a custom job with fabrication and welding. I see one or two members have mentioned this or been mentioned as success stories, here's a third to add to your list - Mandinee1. I know about this one personally, as I drove their bus to them from Council Bluffs IA with my car in tow. It was a 1998/1999 Blue Bird RE with the 8.3 ISC and MD3060 trans. I believe they had to have a welder do some fabrication so that a shop could custom fit a hitch.
However, as another member mentioned, these often have subframes that are not as sturdy as a typical body-on-frame construction, so be aware it will have its limitations as to what you can and can't tow safely. And be mindful of applicable laws in regards to vehicle length, weight, etc.
And no offense to others who have posted here, but quite a few things have not been mentioned that are glaring omissions, and can lead to simple mistakes with big consequences. Please don't take my advice to mean I think you're an idiot by any means, OP, but by now I've seen everything, and people never cease to amaze me with what they don't know. So here are a few mistakes to avoid, with a vast variety of consequences, some more expensive than others. And a lot of it can be avoided by asking questions, and covering all the bases.
First, the trans will always be the weakest link. Regardless of how much towing power you can get from an engine, the transmission is only rated for so much hp and torque, and more load = more heat = more stress. Find out the transmission's max GVWR, and make sure that your converted bus and any towed load are within those limits.
If you have the AT545 Allison, I will tell you simply -- don't do it. These transmissions are okay for what they were meant to do, but will overheat easily under excessive load or speed, and can only tolerate modest weight loads at best. A bus is already at the outer limits of what they are rated for, especially one with an extra 2-1/2 to 4-1/2 tons in interior modifications. They are also not suited for interstate speeds, big hills or mountains in heavy vehicles. It may do it initially, but it's a bit like playing Russian Roulette.
Which brings me to my third point, be sure to augment / upgrade the cooling system to get rid of the excess heat that will occur when towing, especially a consideration on an RE, as they are prone to cooling issues anyway. They suffer from inhibited airflow, what with the radiators turned sideways and all. I'm talking engine oil coolers, transmission fluid coolers, and it wouldn't hurt to plumb an auxiliary heater core or two in the engine compartment with temp-controlled fans to blow off extra heat (don't laugh, turning on the heater(s) do(es) help when coolant gets too hot).
Also, be sure your cooling fan(s) are working properly and are not in need of service. You might even want to add a couple temperature-controlled electrics for good measure, just be sure they are not fighting the standard fan (meaning they are pushing / pulling against each other ). This will cause a no-cooling situation.
Fourth point. If you plan to tow a vehicle, first, be sure to tow it properly, which is to say, some vehicles are not meant to be towed on all four wheels. It can damage their transmissions and one thread recently mentioned some idiot leaving a manual trans Jeep in gear while towing it, which spun the engine internals at 50,000 rpm or whenever the engine grenaded, whichever came first.
So, obviously, per the previous example, manual transmissions and 4WD transfer cases should be placed in neutral. Parking brakes should be disengaged, and automatic transmissions should be in Neutral. This is, of course, assuming that the vehicle is towable on its drive wheels -- many are not, most automatic transmissions can be damaged by towing on the drive wheels, even in neutral.
Check with the vehicle's manufacturer as to whether it is okay to tow "four-down" as it is referred, meaning on all four wheels. If it is not, use a dolly and either tow with the drive wheels on the dolly. Alternately, you can remove / disconnect axle shafts / driveshafts, but this is a lot of hassle that really isn't necessary with a dolly. Or a trailer, my other recommendation, which puts all four wheels off the ground and removes all worry.
Fifth point -- when using a dolly or trailer, make absolutely sure all its lights work, and be absolutely sure that the dolly cannot break away from the bus and that the towed vehicle is secured properly to prevent it from falling off. It can and will happen if diligence is not done.
Sixth point -- If you plan to tow a vehicle behind a diesel vehicle (especially with a rear-exit exhaust), you may want to invest in some type of aluminum (better heat dissipation) shield for the towed vehicle or re-route the exhaust exit up top or out the side.
Reason being, after 1200 miles behind that Blue Bird, my poor Toyota was covered in soot and reeked of diesel exhaust for several days -- a huge problem, as I have severe asthma. However, I was fortunate, the soot washed off after two runs through a high-pressure car wash, and the smell did clear out after a day or two, though I can't say absolutely no long-term ill effects, as the bus had broken down and it made more sense to drive home to wait for repairs in the interim. Just something to make allowances and adjustments for.
Good luck!