That looks too nutty to me. The beauty of Kuat racks is that they are easy to get a bike on, and it's not on your roof ie prone to damage. Also too much weight imo.
I just did the same thing also with a Kuat, but it's much lower than that. It gets the rack up and out of the way... they can really drag/hit on stuff. So if we are on rougher terrain I can take it out of the normal receiver and put it in the swingaway. As you know the rack itself is hefty.. get a bike or two (or three or four) and it's a lot of extended/leveraged weight. Mine does not have a spare tire on it, so that helps.