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Yeah the hitch pin hole on my hitch is getting egg shaped too! My Dodge Mega Cab did the same thing! I wish they made hitches with a little bit tighter fit so there would be less movement of the receiver in the hitch! I am towing an 11k toy box and my hitch and receiver and pin are all the right size?
scott,
take a cheap $0.10 hose clamp and put it ON the hitch pin right in the CROOK area...it stops the pin from riding INTO the hole and causing the wallering (sp?)
Straight hitch pins are available too which also eliminates the issue.
For any pin used regardless of bolt, pin, etc...you should ensure that the shear strength rating exceeds the weight you are towing with some margin