Many of us have seen steering links like that, and they sometimes work for a little to a long while, but eventually they tend to fail. You're taking a link that was designed to push-pull a straight rod against 30"-ish tall tires and asking it to push-pull a bent rod against 38"-40" tires. Other than being rusted, your link doesn't look absolutely horrible. The welds look solid, the gussets look okay, I've seen worse to be sure. But if you drive that thing around on the street, and it fails and you have an accident where someone gets badly injured or killed, you are screwed. Kiss your wages garnished/goodbye for a long, long time when the lawsuit gets settled. Modifying steering to a non-factory configuration opens you up to lots of liability.
Now, if it's just a trail rig, then your worst-case scenario is killing yourself, more likely having to limp a twisted-steering linked rig off the trail and back to the trailer. So yes, people run steering like that, but it doesn't make it right. Like I said, I've seen worse than yours, so if it's trail-only, then use at your own discretion. I wouldn't drive that on the street though.