If I was working with a hitch receiver, I would get a pintle hook that fits better, rather than using the hook that doubles as a ball. The more play you have, the more likely the ring is going to damage the ball, with at least some risk of snapping it at the neck where stress in concentrated. A proper pintle hook does not have this stress concentration. All depends on just how heavy the load, how high the forces from your towing circumstances.
Is this weight bearing? Most of the pintle hook applications I've used (military and flight line) the connections have not been weight bearing, the trailers and other equipment were flat tow, and towing speeds usually under 15 mph.