I'm sure the OEM drawbar on your
M7060 is the same as on my
M6040. I've searched the local tractor dealerships and found bushings that will go in the 1 1/4 hole and allow the "stem" of my towing ball(s) to fit snugly. Just bush it down and tighten the ball - good and tight.
You say your old pickup bed trailer does not have a ball receiver on the end of the tongue. Well, they make gobs of varying types that either fit the existing hole or with proper bushings - will fit and can be tightened down. There are many "pintle type" receivers that will go on your drawbar and allow attachment of just about any type of tongue receiver.
Google - pintle hook receiver - as a starting point. You will be truly amazed at the variety.
I've towed my big 'ol Horst farm wagon around the property for seven years now. It has a simple bushing on the draw bar end and a grade 8 bolt plus Nylock nut holding it all together. The only thing that's tight on this arrangement is the Nylock nut on the bolt. Otherwise, it slops up/down and all around the place. On rough terrain you don't really want any of the attachment to be rock tight. Slop prevents binding, bending & breaking. Nothing has been damaged or worn in all this time.
View attachment 584541 The receiver end on the Horst tongue is an ideal match for a bushed drawbar hole.
The bolt I use when pulling the wagon - Grade 8, around 8" long, 1" in diameter, Nylock nut. Just twist the nut onto the bolt enough so you know it can't loosen and drop off. NOTHING is "tight" on this arrangement. It's all loose as a goose.