I'm picking up a custom flatbed tomorrow, so we'll see how that goes. As part of the customization process, I had them delete the standard 2" receiver it comes with and fabricate the bed so that the factory 2.5" receiver remains in place. I use a 48" extension (drilled at 42") that fits into a 2.5" receiver and has a 2" receiver on the other end.
If you're towing with a lot of tongue weight, you probably need to look at the SuperHitch or similar and have the truck bed built or modified as to not interfere with it. We're just flat towing a Jeep, so the tongue weight is minimal.