Just bought the BlueOx a couple weeks ago. The shank is reversible just like everyone else. Whatever is the rise is also the drop when flipped. Mine was installed at the dealer and is in the drop position.
Call or email BlueOx, they are very good at answering questions. I wanted the 2 1/2 shank and they sent one to my dealer at no charge. You are correct that the head tilt is built in so I would go with their shank. Besides with a lifetime warranty it should be the last one you ever buy.
This link will give you a better idea of the drop
BlueOxThe BlueOx does not have to be removed to backup and it is nearly silent with no squeaks or groans. They will exchange any part that you buy from a dealer if it is not what you needed, you just pay return shipping. Customer support has been great.