I would use a bolt that all the way through and put a bushing between the holes to give bolt strength. Also you wouldn't bend the ears when you cranked down on them and help take some of the flex out of joint.
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To clarify a comment about bolt stretch and snapping.
True grade 5 will stretch before snapping more than a grade 8. However a grade 5 will still break before a grade 8 bolt. A grade 5 has more elasticity, however it is still a weaker bolt. The grade 8 bolt will hold long after that grade 5 has stretched and snapped.
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