This is what I had done on my Tone hitch, but it didn't work as well as the J-pin. I think it may have had to do with the fact that with a bottom-mounted bolt you're trying to squeeze the accessory against the roof of the hitch, which is fighting against gravity, especially when your accessory is fully loaded. And I can tell you from experience it's much easier to tighten a bolt that goes in from the side (without the force of gravity pushing against you) than from underneath. Plus you don't have to get dirty.
So why does a second hole for the J-pin compromise strength more than a second hole for a bolt? Is it because they're on different walls?