It looks good to me as well. Allthough at first glance I didn't see the vertical peice of flat stock you plan on adding. Just a peice of 1/2 or 3/4 laying flat would not span that 26 or so inches and be able to handle any weight at all.
But then I seen the vertical peice, and all is good.
But also, why not consider adding a peice of insert tubing so you can swap inserts with ease. Thats what we do. Inserts are cheap and also easy to make, and we have probabally a total of 10-12 of em with hooks, clevises, various 2" and 2 5/16" balls. That way everything can be swapped from the 3 tractors and 2 trucks easier. Just a suggestion though.
It is also true that there is nothing keeping the hitch from rising if you have a trailer that doesnt have much tongue weight. Especially going down a hill and trying to stop. It will cause the tongue to rise violently until the 3PH can no longer rais mechanically. This can cause damage to the tractor or hitch, or worst case, cause the trailer to come uncoupled and go through your backseat. This is why everyone reccomends chaining it down.
However, if you are smart about trailering, this doesnt need to be done. Even a trailer behind a p/u with little or no tongue weight is a saftey issue. It causes the trailer to sway really bad. Just load with pleanty of tongue weight and you will be fine. And if you do chain it down, don't forget and try to raise the hitch. 3PH's have a lot of force and can bend and break things in a hurry.
Like I said, use common sense and when in doubt, don't do it. But we trailer all the time with 3PH Mounted hitches and NEVER chain anything.