@Richard19068 , I assume your desire is to get the halyard out of the cockpit? I've seen plenty of boats with clutches mounted to the mast, so I doubt there is any issue with the loads, otherwise, there would be clutches designed specifically for masts and they might have additional screws. Also, there are pads that you can attach to the mast that can distribute loads.
If you have a block at the base of the mast that you can use, I would simply run the line through the block and up the mast to a cleat. Pulling up is half the load and far easier than pulling down through a clutch. You can use the clutch instead of the cleat, put I think I would just hitch the line to a horn cleat. That avoids all the issues with a clutch and is just as easy (and less expensive). That gets your line out of the cockpit! Either way, I don't think that the shear load on two 1/4" fasteners through the mast wall is really an issue. Tapping it is not difficult, either. Just make sure to get the drill bit that goes with the tapping size -that's key. I've done several and after the first, it's a piece of cake ... sort of like, well, you know ...
If you have a block at the base of the mast that you can use, I would simply run the line through the block and up the mast to a cleat. Pulling up is half the load and far easier than pulling down through a clutch. You can use the clutch instead of the cleat, put I think I would just hitch the line to a horn cleat. That avoids all the issues with a clutch and is just as easy (and less expensive). That gets your line out of the cockpit! Either way, I don't think that the shear load on two 1/4" fasteners through the mast wall is really an issue. Tapping it is not difficult, either. Just make sure to get the drill bit that goes with the tapping size -that's key. I've done several and after the first, it's a piece of cake ... sort of like, well, you know ...