Does anyone have any thoughts on using a tounge mounted rack for
carrying a motorcycle on a 2004 Ford Ranger Super Cab XLT FXII 4x4?

The companies that makes the racks (Versa Haul and Hitch Haul are 2 of
them) claim that the rack can hold up to 500 lbs.  But I'm not sure if
the hitch can handle that much weight.
My bike weighs 404 lbs., the rack wieghs about 86 lbs.

This is a factory installed 2 inch hitch, labeled V-5
Tounge Weight
Weight Distributing - 600 lbs
Weight carrying - 350 lbs

Tow Weight
Weight Distributing - 6000 lbs
Weight Carrying - 3500 lbs

I think that the # that I need to consider is the tounge carrying
weight of 350, which means I am out of luck.  But I am not sure what
the "Weight Distributing" rating means.

Any thoughts?

Thanks,
Dan M.