You definitely bring up some valid points and I think the weight ratings are important, but I am not too concerned about it for a few reasons...
1. The weight ratings are static load ratings, not dynamic. Assuming close to a 50/50 front/rear weight balance, even with a reasonably sized passenger on board, I think it unlikely that you would exceed 340lbs on the rear wheel. This bike would only carry a passenger in an emergency...My TW weighs about 250 and I, gear, and food/water is another 250lbs or less. So roughly 500lbs, split roughly in 2...
2. The weight ratings are most likely very conservative. By what factor, I can only guess....
3. One of the key components in determining weight ratings is heat buildup in the tire. This tire is intended for vehicles capable of sustained high speeds at low pressure. Perhaps 50 to 60 mph at the maximum weight rating. My sustained high speed runs are at 30 to 35 mph for perhaps 3 or 4 miles at a time. I don't think my bike has exceeded 45mph in the last 5 years or so. Most of our riding is in the 5 to 20mph range. I occasionally do higher speed dual sport rides and I have another 6 speed TW that has more appropriate gearing for road use.
4.And finally, I am an incredible risk taker as evidenced by my continued usage of the front DEATH WING tire!
Seriously tho, you are right, this may not be a good choice for a TW that is ridden at higher speeds heavily laden...for my limited scope, it should work fine, I think...