I used to charter a 35ft boat that had a reverse tow setup for the inflatable. It consisted of two stainless draw bar links that ran from padeyes on either boat's transom. Similar to what is pictured above but no connection between the two links. On the dingy end there were 4:1 block & tackle to raise the dink out of the water. You could get it up fairly high, which would minimize the amount of water it could collect. This was done with the outboard still attached, which may not have been the best plan but it wasn't my boat!
The setup was clunky and I never got comfortable with it. The dink would pull, twist and bank making quite a racket back there, especially in a good seaway or with fallowing seas! On the otherhand there was significantly less drag compared to towing.