That is a much better solution Mr45. It does not try and twist the receiver with a long moment arm.
The part must be cast or forged steel, not iron, so it can be welded. Keep an eye on your weld zones to see if any cracking occurs.
Personally I would want a good "fit" and would weld a root weld with stick 6011 and after cleaning off slag, come back with 7018 over the top, making sure it's penetrating and putting in plenty of metal. Some people would mig weld it, but not me. Most migs don't penetrate on thick materials...but some of the newer ones do.
Have fun with your trailer!