The sheaves in the reef outhaul cheek blocks on my N26C were almost completely worn out. Rather than buy and retrofit new blocks as Meriman is out of business, I did a jury rig.
Drilled out the centre pins, and replaced the worn out sheaves with a Schaefer 62-219 1 3/4" x 1/2" with the centre hole bored out to 13mm (17/32). See pics.
I thought more about the bolt. If you have the threaded portion under a shear load, because of the reduced diameter in the root of the threads, that area is not as strong in shear as the unthreaded portion. More of a difference with a course thread as opposed to a fine thread.