Good questions.
If you look at the original bolts, you'll see that the loaded area at the shear point between the hub and the sprocket is smooth. The threads start outside the hub. This gives a strong, smooth, stress free surface to the load.
By running bolts through the sprocket into the hub like I'm doing, the mating surfaces are loading against the threads, which provide a nice place for a break to start.
My rationalization is twofold-the bike is pretty dickless and there are 6 bolts holding it together. And I check the bolts often.
Part of the goal is to have a cool looking bike
On the subject of washers, well..
In general stainless fastener are not as strong as as graded steel ones.
Having said that, one has to consider what the hardware is you are replacing. On metric hardware you'll see hardness ratings like 8.8, 10.9, and 12.9 for the harder grades. On a small, price point bike like Savage, the Japanese use harness ratings like 'SMFDP' and 'DCODP' which stand for 'Soft Moist Fresh Dog Poop' and 'Dry Crusty Old Dog Poop'.
In other words, the stainless stuff is usually at least as strong as the OEM stuff.
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