as far as welding something up your self, a hitch is a very safety critical part, not something that should be welded by an untrained person, and any modification needs to be thoroughly engineered to make sure it is sturdy enough for the application. as much as i too hate to spend $ and perpetually broke, don't compromise on the hitch if you really feel you need/or will use both check out the hitch manufacturers and buy a system that will let you do both.

 

Well, while I am thoroughly confident in my welding abilities (I had to stretch my current boat trailer from 22-28 feet) I have no intention of welding up a hitch. If I can't have what I want, then I'll just have to wait till a few more bills are paid off before I can splurge on something I really have no use for. I really only need a 5er to do tow for hire stuff on craigslist.