40-60ft\lbs isn't very much at all, especially when you consider there's roughly 1500 pounds of weight swinging from it. And it's only clamping rubber or polyurethane, not metal-to-metal.
That's another reason to keep them lubed real well also.
Doug, the shackle nut is bottoming out on shank of the bolt (with the shackle metal in-between), not the rubber. The length of the bolt shank is what is providing the clearance for the rubber. like Joe says, lube the shank where the rubber rides. Luck!
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