Hi Bill,
Yes and no, the hitch will swing either way actually since it's pinned with a hinge on both sides. But with the propane tanks on the swinging part of the hitch, and with the frame cut way back even with the leading edge of the front shell, the propane tanks bump into the top shell before the swinging hitch swings all the way around. If I take the propane tanks off, I still have the threaded rod in the way that holds propane tanks in place, although I've thought about finding a way to make this easily removable.
This was my choice by the way. I asked them to make the frame cut as far back as they could so that I can jam the thing into my garage - it's absolutely amazing to me that I can fit a 31 ft travel trailer into my existing garage. By pushing the hinge so far back towards the front shell, the propane tanks have to be up on the swinging section by the ball mount, which is different than how TM sets the swinging hitch up. I think they did a good job of this, including adding a quick releases and disconnects on the brake release and the propane line so that the hitch can be fully disconnected.
So what could they do with a 2720SL? I dunno, but they have their own welding shop so they can pretty much do anything that makes engineering sense. Your tanks are horizontal and up under the front shell right? That tells me that your hinge would be in front of the propane tanks no matter what, so you won't have anything in the way when you swing the hitch, and they won't have to mess with the plumbing of the gas lines. It sounds like it would work pretty well, but I don't have a 2720SL in front of me so maybe there's something I'm missing.
p.s. a quick edit after looking at the second photo above - it looks like the jack for the trailer wheel might be the thing to watch and see if you can keep if from bumping into the front shell. I'm not sure how far back you can make the hinge and still have it not get in the way (unless there's another way to do that that doesn't stick up like a flag-pole). In my picture, you can see the tray for the propane tanks along with the threaded rod holding the propane tank mounting hardware - that is what gets in my way first.
Mark