Bumper cutout:
You don't have to cut out as much as BMW recommends in the official install instructions. I made the smallest cutout possible for my bumper (LCI), which involved a center section of the lowest silver trim and only a very small cutout in the middle black section. The cutout is small enough that all you see is the receiver end. Everything else remains hidden. I think it's a lot nicer, visually, relative to the OEM install process which creates a big square hole in the bumper. I did use a stack of 4 AN washers to tilt the 7-prong plug downward, which is important if you don't want to cut out the bumper any bigger than the 2" receiver.

Personally, I would not use a Uhaul hitch, but I would reinforce the connection of the receiver tube to the cross bar on the OEM hitch with an extra plate.