I've tried some of the tapes out there in a pinch trying to get back home in other beaters I've owned. All failed quickly including the putties out there. A friend had his tail pipe wrapped in a  product by JB Weld that looks like a cast you would secure on someone's broken limb. He said it has held up for a few weeks which is much longer than the stuff I tried which lasted an hour or less. Anyway, it was JB Weld and was a fiberglass wrap white in color. JB Weld has other products that do not work for mufflers as I can attest to, but the white fiberglass wrap seems like a good very temporary repair, would probably get you a few miles while you save for a full tail pipe/muffler replacement. 

Great hitch - thanks for the link.  Mine has a fixed hitch with a solid tongue and hole for ball.  I'll be switching it to a 2" receiver to carry bike racks and a platform hitch and that may be just the ticket.  On the theory the rear frame height above ground and our sewer pipe carriers may be oriented similarly - got a picture or 5 so I can see if that will allow me to keep the tongue for days I want to tow something?  Thanks.

it won't strain the suspension or axle. depends on what maker used to extend the truck frame.  as long as it is beefy enough to support the weight