UPDATED SEPTEMBER 2023
Yes, you can remove the captive safety pin with one screw and use a standard hitch pin bolt with cotter pin or lock.
However, this is not possible with the 1.25″ hitch or the 1.25″ with the 2″ adapter installed. The reason is because there is no hole going through the adapter. In other words, you can only do this with the 2″ hitch model.