I don't think you are going to like how the truck handles w/the weight of two bike hanging off the hitch like that.

What type of terrain do you normally travel over to the areas you ride in, do you need the clearance of your truck, if you don't, you might consider picking up a small used trailer, or build one out of a 2wd frame and bed, shouldn't run you more than $500 to do either.

If you need the clearance of your truck, look for an import lumber rack/shorten it up(say over the cab and about half way over the bed) and build a storage space on it. You can usually find those for a couple of hundred.