Can a V tow a small, light(3-400lbs) trailer? Looks like a hitch mite be a problem. Any ideas??

You can tow anything you want with it. The hitch as you mentioned is the hard thing.
Small cargo trailers allows bringing along the kitchen sink if it's necessary. I pulled a tent (Kwik Kamp) with 750 and side car that had less HP and worse brakes. Power passing will be a thing of the past but regearing with a different sprocket will make up for the load.
Some folks like the Unigo and others have had problems.
There have been several threads on the subject.

Moto mule...

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Suzuki Motorcycle Hitches from Bushtec

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His -'07 Wee-Strom - '07 Kawi KLX250s
Her's -'13 Genuine Buddy 170i Pamploma

My buddy and I took his 2011 Vstrom to the Bushtec factory for them to use his bike to fabricate a hitch to fit his bike. ( template was fabricated too) This was back about the first of this year.
Several months later, when I got my 2012 Vstrom arrived,, I tried to install his hitch on my new bike. No workie. Not even close.
I fabricated my own hitch to fit our new model Vstrom. I can pull my Unigo or either of my Bushtec trailers. One of them being their utility trailer and my other Bushtec being one of their Quantums ,or some such named version. Thursday I will be pulling my Bushtec, behind my Strom, to the Swamp Scooter Rally in Layfette, LA. For a fantastic small event. Hope to see you there.

Hmmm... not really fond of those single wheel trailers. I seriously wish I could get to some of these events you all have waaaay down there, but it's winter here already and bike's been put away for a few weeks already.
thanks for the info!!

HF has a nice little trailer, cheap, easily modded, check it out...

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1977 DT100--Sold--Ole smokie
1980 Yamaha 125--Sold
1983 Seca 750--Sold--Jackie ala shaft drive
1998 Vulcan 1500A--Sold--Super Torque monster
1998 Concours--Sold--Buzz aka the buzz factory
2003 Voyager--Sold--The Bus--miss it
2012 Shadow Phantom--chicks rig, very cool
2012 Vee Adv--Yup hiccups and farts @ 2800


Murphs, Superbrace, Givi, Genmar, Sena 10,the finest chinese mirrors, grip pups

Now that I buy the last year, by all means redesign...

When it comes to handling, you can NOT beat a single wheel Trailer on a Motorcycle. Its very simple as it leans when the Bike leans. If the Bike leans gently so does the Trailer, if the Rider leans hard so does the Trailer, and the center of gravity is ALWAYS in the center, and never will you have a side force pull of any kind.
I've got about 20000 miles plus on mine and I'd rather have my 70 lbs of luggage plus the 80 lb Trailer behind me, then only 70 lbs of luggage on top of my Bike, hands down!!

motomule

moto-mule a trailer you pull with your dual sport motorcycle