What is the difference between a screw and a bolt? The first thought that came to mind here was that this is one of the few times that something said by TOH was wrong. Not very important, but it is a common misconception. Not worth posting, but it got me thinking. As far as I know, the only distinction is in the usage, not the screw itself. After many go rounds on that question on one job, we settled on an answer. A bolt is a screw with a nut, and a screw is the same bolt used in a threaded hole. If there is some difference between bolts and screws, we are not looking at
ASME B18.2.1.
So why waste time posting? Everything else about bolted joints throughout this thread makes perfect sense, as usual. Right until you said that head size has nothing to do with it, which I initially agreed with.
I have done some torque tension testing over the years. While a generic torque table is not ideal, anyone without access to load washers, a huge budget, lots of time and material, the generic table is all that is available. At best, you can get some refinement along the lines of bolt and thread materials, plating and lubrication. So bear with me, I have done this kind of testing myself. I have a spreadsheet left over from those days, and for some reason I had included the pressure immediately under the head.
I think that head size had everything to do with it. I only say this after running the numbers, because I did not see just how much a small difference in head size would affect the pressure between the underside of the bolt head and the cylinder head until I saw the numbers pop up, and then I thought that there was an error in my spreadsheet. Having looked at the numbers, I would absolutely want to use a washer under with the smaller head here. A washer spreads the load under the head. the stress fans out at a 45 degree angle, so the effective washer diameter is increased by twice the thickness of the washer. That's why
bridge washers are so thick to spread the load on the relatively soft wood.
The washer diameter difference between 5/8 and 11/16 across the flats make for a difference of about 2 ft-lb torque to reach 75% of yield strength. The pressure under the head of the bolt in the washer area was surprisingly different though. when I changed the head size from 11/16 to 5/8 the pressure went up from 49 to 69 ksi. That should be enough of an increase to cause problems with the cast iron here. The contact area is just a narrow ring under the head, so small differences in contact area width can make a big difference.
If I plug in the difference between the coefficient of friction between a generic dry steel on steel (0.3) and lubricated (0.15) joint, and separate oiled threads from oiled head I get the following tension for 75 ft lb of torque on a 7/16-14 grade 8 screw with the standard 5/8 distance between the flats:
Both oiled: 10449 lb.
Just threads oiled: 7140 lb.
Both dry: 5594 lb.
These numbers, as stated several times in this thread, would be different if measured on the tractor due to a lot of variables, but the difference between them would follow the same pattern and be pretty much just as big.
I think the question that remains to be answered is what are you going to do with the head? The uneven surface under the screw heads is bad for both the head and the bolts.
I would be tempted to look at drilling/spot facing or whatever you should call it to get a flat surface, but that surface may wind up in a bad place. Welding is not an easy task in cast iron. The third thought that comes to mind is to drill the hole larger and insert a threaded cylinder to spread the load better and give you a flat place under the screw head. At this point, I have to stop criticizing TOH knowing that his answer will be better than mine.