On our boats you do not need the lock down bolt to slack the cable. If used it should be made of aluminum so it sheers off in case of an accidental grounding without causing damage to the centerboard trunk. I can't remember what diameter it is off hand.
this is quite possible, but not many boats were designed to have the weighted keel rest against the keel trunk, as this places the stress in the wrong spots, especially when you hit a bump or stump with the keel, it raises and then slams back down against the trunk.... designers dont usually leave these things to chance.
also, its very unlikely that an aluminum bolt is the proper thing to use, for these reasons....
aluminum corrodes too easily and quickly...
aluminum bends too easily unless a strong alloy is used, in which it will defeat the purpose that you propose...
when the aluminum bends, it will easily bend in a horseshoe shape making it very difficult to remove...
if in fact it did shear, and unless you carried spares, you would be without, leaving the boat vulnerable to severe damage in a knockdown...
or if it only sheared halfway thru, you could never remove it, until you grounded again and sheared it the rest of the way.
the designers knew all of this and could never know what remote location or severe weather the boat may be in when the owner grounded the keel, so for simplicity and dependability, I would bet they used a 3/8 stainless bolt in the original design... but some PO of the boat may have tried to second guess the engineers and installed something of their own that will be inferior to the stainless bolt.