I've seen those bumper mount receiver hitches and thought well its a great idea but in no way would you probably want to tow 3500lbs from the bumper....I think the bumper is only rated for 1,000lbs? However, for light duty use I don't see what that HF hitch wouldn't work, and just remember a lot of things are very under-rated for actual capacity to allow for a lot of fudge room for people that are known to overload everything LOL.
I got a standard Class 2 receiver hitch for my 87 Ranger from a pick a part yard for $25...took me maybe 5 minutes to remove with my 20V 1/2" impact gun. Managed to find another Class 2 receiver hitch for my 88 Bronco 2 as well a few weeks prior. Its another option you may want to look into, usually you can find them at pick a part yards. They're bolted on normally so pretty easy to remove with a cordless impact gun.
I took a flap disc and cleaned the receiver hitch up and then sprayed it with a couple of coats of vehicle undercoating before installing the one pictured on my Bronco 2. The receiver hitch on my Ranger looks the same but the Ranger one isn't as wide if I recall as the frames on a Ranger and Bronco 2 are different. The back frame on the Bronco 2 is wider due to the gas tank having to fit between the frame rails.