UPDATED NOVEMBER 2024
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.
Also, the hole in the hitch insert will not align with the hole in the receiver on all vehicles. Please see the dimensions FAQ to measure the location of the hole and compare it to that of the hole in your receiver.