Be careful with that... I have not done much in the way of recovery work since we rarely get deep snow here, but I have spent time reading over the years to know what to buy for my equipment. Using the pin in a receiver this way can be iffy since it is meant to hold a hitch or similar gadget in place rather than a rope or strap. It is designed to not simply shear off when tension is applied to the hitch, but it will not necessarily resist bending when tension is applied to a small point on it (like a rope).

I originally had the same idea as you, but after looking into it I spent the $40 on a receiver shackle bracket instead.

EDIT: May as well list my stuff too; you should all feel free to tell me if I'm being stupid:

25' 20,000 pound recovery strap with loops on both ends.
15' chain
2-ton come-along
Receiver shackle bracket with 2 3/4" shackles
8' nylon tow rope with hooks that came with a roadside emergency kit (can't see me using this for much of anything)