[HoosierDaddy]

When you raise the hitch ball the side-to-side load on the hitch reciever is increased. I see no problem when hooking a tow-bar however it would concern me considering the size of the trailer. If the objective is to raise the TRAILER tongue only, I would explore the possibility of lowering the ball reciever on the trailer thus maintaining the hitch ball as close to the centerline of the hitch reciever as possible.
It appears in the pic you submitted that the whole rig is fairly level. Keep in mind that if you raise the tongue at all you risk dragging the tail of the trailer. Then you will need to raise the trailer at the axles to achieve a level trailer, then over-all height may be an issue.......Just keeps gettin' more complicated.
I'm still thinkin replaceable skid plates....! B-)