You have a very good foundation for an off road trailer build. Not too much rust at all. Looks to be in pretty good shape.
Are you going to leave the current hitch on there or are you going to go back to original and install the lunette ring?
I think i may go with the Max Coupler, just because I hate the noise a lunette makes: http://www.adventuretrailers.com/coupler.html
For now, I'm going to stay with ball...
