I have this hitch on my 2720. Did not install it myself. Had the dealer do it while he was doing the final trailer "setup". After looking at the installation, I know I could have done it and saved a few clams. If I remember correctly, it bolts to the "ears" that hold the bumper to the frame. You'll have to drill 4 holes and I think they were in the 1/2" neighborhod. Using a floor jack to hold the hitch up in the middle and 2 good c-clamps to align it to those "ears", it should be a piece of cake.
I shoved the bike rack in, bounced on the horizontal member that was left exposed and it seemed sturdy enough. I weigh ~185. Put 2 bikes on it and drove 3 hours up and back and have seen no signs of stress. The bikes are close to 30#@. So, Yes, I do think it will do the 100#'s and it will be worth it.
The hitch is rated at 100# but don't forget that the bike rack weighs something so that's part of the 100. I'll bet my rack is evey bit of 30#'s so I was right near the limit.