The tongue weight discussion here is a bit of a non-issue regarding the "trailer" being towed, as there is no trailer here. Whether your vehicle has a a 350 pound or 500 pound rating is also not an issue for this "non-trailer" discussion. If it will handle 350 pounds it will handle 500 pounds at the receiver, statically (my two cents). It's not the part that changes it's the rating relative to the transmission with a cooler or not (again, not an issue here as no trailer is involved.)
The parts "could" handle the load, static. Will they handle the load in motion...maybe. A trailer bounces a bit too so those loads will change on the "tongue" weight when hauling, but I agree with PANDA that this weight is 2 feet from the mouth of the receiver, and this platform weighs 100 pounds all by itself, so the load, let me calculate, that comes to...math I can't figure, but certainly more than 300 pounds on a ball at 6 inches from the receiver.
I agree with the suggestion of a small trailer as a much safer and less risky way to move this bike. If I had to move the bike a couple times a year to storage or moving etc would I use this...maybe. Would I drive around regularly with my bike on the back so I could have it "just in case", no way. It will eat your suspension, even if it can "handle it" not to mention the bike is putting all kinds of side loads on the tie downs used etc. A recipe for eventual failure and the bike jumping off and getting damaged, causing a collision, you name it. OR, I am completely wrong.
Again, I'd do it once, maybe twice a year, but not regularly.
You do you.