Nope, not flipped but slide up. The lower step will be just below the upper step when in driving mode. It will be pinned when up. The upper part of the slide bar will just take up empty space under the swing out tire and over the bumper. It would also serve as a secondary stop should the swing out retaining pin break.
As for the TireGate, I LOVE it. It works great, still can tow more than my hitch is rated for and having the spare there, I can mount my Trasharoo. The unit without tire is about 80 lbs. or so.