I can see my fellow ME Iowan needs some ME backup as I am the same.
I have also used and still using Stainless hardware in the same spot as well. Have been for several years after several hundred runs.
And never a galled thread, I use antiseize, b/c someday, I'll be removing it.
One has to figure the load of the bolt in this application. It is always in compression, no shear load is there. The spring pushes up on the pad against the body, there is a locating tab on pad to fit in a corresponding hole for shear movement. The purpose of the bolt is to clamp the pad to the body, no other forces (vectors) are there.
Now if the clip nut breaks, one can always go topside to the rear floor underneath the seat and drill a 1 inch hole and use a screwdriver and a 3/8 nut and through bolt the parts together. The clipnut is just an assembly line aid.
As far as torque, usually, when tightening a fine thread fastener, one will usually turn an extra hex flat after the lock washer has been compressed. This will usually place the proper amount of torque, w/in 10%, or the rating. Coarse threads will usually take an additional 1/2-3/4 hex flat while tightening. Adding lube to the same threads greatly changes the torque required, usually 20-30%, depending on type used.
One working with fasteners will gain alot "hands-on" knowledge and develop a technique(?) in assembly of same. Yes, we've all turned too much and either stripped the threads, broke off the head, or twisted off the stud. We felt it coming, but, to get that last clamping force, we exceeded the yeild strength of the material and now we have to use the dull high-speed drill bits to drill out the old and replace with new hardware.
I'm done now, thanks for listening and letting me vent....my tank is empty.
But, I must say this, this post is a darn good discussion, and everybody in it, has a good point. I have learned, thanks...