You'd be happier to extend your tongue and leave the hitch alone. I hate all the clunkiness of that stuff, and they do add leverage to your hitch setup. I like the looks of that fold away coupler, that would be nice for my trailer. There are a lot of unanswered questions though, like how much weight do you tow, what are you towing with, what does your trailer look like, etc.
Wishing I was on the river instead of surfing the web...