Like others have said just removing the bolt does not allow the gen to be removed. I use a bolt instead of the Tee nut because of clearance problems with my bumper. I also just use the Honda cover as it allows the upper strap to go thru the handle. That makes the gen as safe as any system I have used in the past.
I have suggested to TL they provide a pocket in the foreward corners to insert a wand to remind you just how far the unit sticks out front. I also have clearance lights on the front of the sides to let others know there is a extra lenght in front of the bumper at night. The wand also helps keep people from walking into the carrier in low light. I only carry a Honda 2000 right now but by the time I will need a AC I hope to have either another 2000 or a 3000. I think at some point TL will make a smaller carrier that will hold just a single 2000 and not stick out so much.
You can also use a upside down plastic tote for a cover. Just cut two thin slots in it for the lock bar to go thru.
About the locking hitch pin. A very good and cheap one can be made by drilling and tap a blind hole in a 5/8 bolt with a clearance on in one side of a nut.Insert a set screw that protrudes into the nut Once in place it isn't going to removed unless the thief has a hex wrench in his pocket. Not too much chance of that unless they have been peeking at your pin before hand.
'01 Dodge 3500 CTD, Lance 1121, Air Bags, Rancho 9000, All Wheels Under Power When Needed, A Few Engine Mods For Increased HP
Burning Grease, 800 ft/lbs. of torque from something you throw away.