IMO, that Equal-i-zer 4 way hitch should not be noisy, it should be very quiet, if fully lubricated. I use DuPont Teflon White Lithium Grease in a ten ounce spray can. Give each moving part a shot, including where the bars slide back and forth in the tongue brackets. Also spray up in the ball cup. It should run silently after that.
As for the hard to set up part. I've always used a crank handle to raise and lower the tongue to hitch and unhitch and found it much easier with a power jack if you don't already have one.
(edit)I'd also beg you to give it another try. I've been in 50 mph crosswinds and my trailer barely moves. The stability that hitch provides is the reason I am willing to deal with it's little annoying things.