[Reposted including images]
Here is a quick report on how things went with a recent CI-with-bikes trip:
The layout:
1. A lightweight e-bike on a tongue-mounted Bikewing Y-rack. This adds about almost the full weight of the bike (40 lb) to the tongue weight.
2. Offsetting that is the (2" hitch, trailer-rated) Kuat Transfer v2 rack, extending from the back of CI. When fully loaded, this offsets approximately almost half of the tongue weight that was added above. The net result: +140 pounds total and +25 lb to the tongue weight (measured at 165 lb fully loaded). All weights were safe for this setup.
3. Inexpensive DIY water-protection for the bikes consisting of polyethylene plastic wrap and blue painter's tape.
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Performance on the (paved) road was solid mechanically. Both racks seem very solid. We were careful when crossing railroad tracks and speed bumps, and did not venture onto unpaved roads. I did notice a drop off in aerodynamics (instead of taking a -40% hit to our fuel efficiency it was more like -50%).
Some details for those contemplating this setup (and especially also for those in this thread who raised the question about performance in the rain). You can see the blue tape and plastic wrap wround the handlebars and some key electrical components. This was to provide some protection from rain/water at highway speeds, and we did encounter some. Not everything is wrapped (most important are the electronics ports, the drivetrain, and the disc brakes (which I neglected to wrap, but was careful to dry as soon as we got to our destination). My wrapping technique was amateur and slow the first time I tried to do it. I got much better the 2nd and 3rd times, getting the time down to about 30 min per bike.
We figured out that it was a good idea to mount the Y-rack slightly rotated, to avoid interference between the Y-rack and the jack handle. This paid huge dividends when we once had to unhitch unexpectedly to maneuver our TV (it's electric) at a Tesla charging station. The rotation also has the benefit of getting more clearance between the frontmost handlebar and the hatch of the tow vehicle.
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Finally, I added a foam-plastic spacer around the pedal closes to the front of the CI. This guards against damage to the front of the CI in case of a large bounce. In this picture the handlebars have not yet been wrapped.
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We drove through rain several times, and managed to come out the other side with no water damage to the bikes. Some of the Saran wrap around the handlebars was shredded by the wind, a better tape job would have helped.