Dual hitchesI used one many moons ago for a light cargo trailer and a bike rack . As long as you keep within the specs, it works fine as long as you do not take too much off the front wheels of the TV (tow veh).
However it helps to have a TV with some beef in the rear to haul that weight beyond the rear bumper. If it sags and you plan to continue to use the combo, air bags will make it ride level and might be worth the investment.
One other point. I had to change my OEM hitch on an 04 Silverado because they were weak and rust was an issue. Just check your hitch to make sure its in good shape after 15 yrs of road salt.