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The first design would be like 125lbs at 1/8" thick carbon steel and winch installed
The second design would be 300lbs at 1/8" thick carbon steel with winch


125 lbs. with winch? How much does your winch weigh? That seems really low to me.

I like the look of that first design. I have no experience making bumpers/winch mounts so take this for what it's worth. I'd make the support structure and any parts under load when winching from 3/16". Other parts I'd try to use thinner (probably 1/8") to save weight.

I wouldn't worry about the fairlead mount being on an angle.