It's fine, but note that shanks than have rise or drop to them may have reduced weight
limits, esp the very high/low ones. It's likely good for your range, but check it, as well as the ball itself. Each component in the tow series, truck, receiver, ball mount, ball, WDH, coupler and trailer has a limit. and like a chain, the lowest one is the controlling one.
Also, what I did was pull the pin on the mount, shove it it as far as it would go and drill a new set of holes. This shortened my overhang for sway-effect reduction and improved my backing. The reverse effect can be expected when using a longer ball mount.