The size of a bolt is very important in fastener design and gasketed joints. Why use a 5/16-18 when a #12 will do? Is a 5/16 much more than the #12? Does it make a difference? It does when you use a million a year like Ford did at the time, so I think that the size of the bolt is important. So we take a 5/16 bolt, drill a hole down the center, split the threads, and tap it for another bolt. Even if the grade of material is significantly stronger than the original, I see failure either in the tightening operation, where the bolt will typically see more stress than in service, or in the removal process, where even the best bolt will exhibit some problems in an exhaust application.
Nope, not me. I'll use a bolt where the stress and shear areas have not been compromised. I've broken enough to not add to the problem.