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I have the same hitch pin as you and went out to look at it closely. To me the metal that is below the mounting bolts does not appear to have a purpose. If it was my trailer I would cut those two pieces off.
When I towed my MS, before I had a hauler body put on, the underside of the trailer was much too close to the rails. I use a Trailer Saver hitch which appears to be a bit lower than other hitches but I like to have at least 8 inches over the rails.
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