Those bolts are great, if a little pricey. Of course, the smart bike rack at $500 is more than a little pricey.
So, 1 1/4" or so tubing or box steel, ends bolted to these bolts which would hold the tubing or box steel away from the paint. The only problem I see now is that the receiver needs to be pretty long to accommodate the standard receiver accessories. Basically a long lever creating a lot of torsion. I guess this is where you get a mechanical engineer involved if you are a company, and you just try it out if you are not.