I've thought about that idea for a while. Although not quite the same, a pintle hitch adapter bolt pattern matches the Montero hitch pattern. I made this for my cargo carrier.

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I can lower or raise it a good bit and the spare tire doesn't interfere with the stuff on the carrier. There's no reason why you couldn't use some 2" square tube to locate the carrier wherever you want <img src="/forums/images/graemlins/kewl.gif" alt="" />

'97 Montero 'LSR' - 4.6 gears & factory rear locker, 33" Procomp muds on 15x8 steelies, 50mm coil spacers, T-bar crank, Airlift, sans rear sway, 50mm rear frame & fuel tank lift, Aisins, ARB front bumper + 10k lb winch, 50mm DIY body lift, rock sliders, cut rear quarter panels...