I have a bolt that has not been screwed in since I bought the bike.

Bolt is part#3 here
http://fiche.ronayers.com/Index.cfm/Module/Main/TypeID/26/Type/Motorcycle/Mak...

My problem bolt is the bottom one on the right hand side if facing handle bars.

Where it 'should' screw into part #4 seems to have been stripped.
I'm thinking locktite to keep it in.
It was a real pain getting that bolt lined up and back into part#4 but I noticed about 1 week later it had come back out, hence my guess it is stripped.

There is almost no way the bolt will fall out of where it is, as the head of the bolt bangs into the frame well before it comes out of the hole (which is why it was a pain to get back in without dismantling half the bike due to the weight/pressure put downwards onto the frame at that point)

So do you guys think locktite-type product the way to go or something else.
And is this bolt dangerous not to have in part #4?

I bought a wrecked bike for the engine.
it center punched something and the forks were wrecked (sheared off at the tree)
both of those bolts were sheared off at the bracket.
chances are that your frame is tweaked.

If you'd like, I can send you a bracket.

On my '86 only the top bolts go into nuts on the bracket.  The bottom two go through the bracket and into the muffler hanger which is not shown in this picture.  If you've removed the hanger you'll need something else to hold the bolt.  A nut on the back should do the trick.  Clymer recommends   red loctite and 15-22 ft.-lbs. of torque.