Thoughts on best way to replace the factory towable bumper?

Until today I thought I would just do a pretty simple hitch replacement on my '06 DC 4.7. Once I started shopping for one, I came across the mention of the "Factory towable bumper" mounting option for new hitches. I didn't really know what that meant. I googled it and then crawled under the truck for a close look at exactly what was there. I was surprised when I saw how the bumper is actually attached to the hitch end. I never saw anything like that before, with the big pan and acting as a mount for the bumper.

My bumper still looks good, but that hitch it is attached to is pretty rusted out. What's the best way to fix this without spending a million dollars? It doesn't look like a replacement hitch would work very well, and you still would have a crappy rusted out attachment for the bumper. I did try searching for this and nothing came up. You guys have been a big help a couple of times now since I bought this truck. I really like how it drives, especially with the Truetrac I put on this last fall. Thanks in advance for any advice.