I have the Reese 2 1/2" shank. Both of them for different trailers.
In may case I need the tongue weight rating to use with my 1,700# WD bars on the camper in our sig. (1,600# loaded TW, heavy bugger I know)
I use the 6" drop shank on my tilt bed trailer and use to use this on our smaller TT before we sold it.
As far a solid steel, heads up, solid if you can find it is going to weigh a boat load. The cast steel one I have is heavy enough with the hitch head on it. The only solid steel 2 1/2" I have ever seen was by Steve Rankin here on the forum who had a machine shop make him one.
And yes, the 2 1/2" to 2" adapter de-rates your 2 1/2" receiver to 1,200# WD hitch with 12,000# pull rating. At least for Reese it does.
The only reason that made any sense came when we found a forum member using one and he bent the 5/8" pin getting to stuck in. Heck of a time getting it out. The "belief" is the sleeve only takes up air space and provides no structural pull rating. So the 5/8" pin is only supported by the 2 1/2" receiver pin box, yet the shank is pulling on the 2" center. The pin ends up hanging out in that 1/4" space per side unsupported and can bend like a loose bolted joint. I say this is "belief" as it was the only explanation that had any merit to it I could come up with. It came to me when the other guy bent his 5/8" pin when towing with the sleeve.
Here are my shanks in action.


On the camper in my sig with 1,700# bars

On the flat deck with the 6" drop shank, 1,200# bars

On the smaller TT, 1,200# bars

If you are towing heavy, my 2 cents, skip the 2" and go to the 2 1/2". Throw the adapter sleeve and a spare longer 5/8" pin behind the back seat in the cab when you have to haul something small again on a 2" shank in weight carrying mode.
Hope this helps
John