Yes Warren, its ok.
I believe NM law is no longer than 65 feet total. It is legal to tow 2 trailers, but I believe it is a stipulation that the middle trailer has to have brakes, the middle trailer has to be longer/heavier than the rear trailer, and some cops say that the middle trailer has to be a GN/5th wheel, but the state law doesnt say that anywhere I've seen. We have done this a few times. It works fine. Personally, I'd get a tow bar for the jeep. That is what my gramps does. He just bought a new fifthwheel and flat tows the jeep instead of using the trailer. When he takes the cab-over camper, he uses the trailer. If you need a tow bar, let me know.
Some friends of ours used to tow a 35' fifthwheel AND a 20 foot bass boat behind a 2wd 80's single cab F-250 ford. He did this for years back and forth to the butte and never had a problem, and he was over the 65' limit quite a bit. Never even got stopped by a cop.
The only disadvantage to the tow bar over the trailer, is backing up will be totally impossible. Even a tow bar behind a vehicle is next to impossible.
Dont worry, it will tow fine.
--Jeff