[Bill]

Let me offer three comments.

1. Like Ray, I have a ton of miles on my '02 2720 swing tongue, and everything looks just the way it did when it was new.

2. Your picture is a great close-up, but it is so close that I'm not sure what I am seeing. Can you post another just like it, but with the camera backed up a few feet to provide some frame of reference?

3. A frame should NEVER exhibit buckling or bending. I'm not quite sure what bubbling is. Does it mean that the paint coming off the deformed area?

Judging by your verbal description, I would not try to drive it 700 miles to the factory unless the factory assures you there is no problem.

Finally, one other comment. This has nothing to do with your problem, but may be of general interest. Assuming that the picture was taken when the TM was hitched up and the spring bars raised, and assuming that the chain on the right is the weight-bearing chain, then you have a minor error in your hookup. Looking at your photo, the top link - the one that goes over the springbar hook - has two links below it. Of these two, the link on the left appears to be the first link in the loose end of the chain; the link on the right is the first link in the weight bearing segment. You see how the first loose link is wedged under the first weight-bearing link? It shouldn't be. The first weight bearing link should be carried in the curve of the top link. The first loose link should be above it.
As near as I can tell, there are two reasons to make sure you arrange the chains this way. First is wear - the left and right links will wear each other badly. The second is the possibility of a SLAM if the loose link should get squeezed out from under the weight-bearing link.

Bill