If it was me, I wouldn't replace the existing with a smaller size.
The existing are metric and are larger, as I recall, then 1/2".
I would also use as strong a bolt as available.
I would question the strength of the clevis.
Your design on paper may be superior but the factory unit has the benefit of+30 years of durabilaty testing and is a know entity.
Silver State? No offense intended but I wouldn't send a kid up in a crate like that.
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