Mark, I found this on a Jeep forum talking about trailer hitches.....
"Nothing wrong with grade 8, but 5 should be fine; grade 5 bolts have a shear strength of about 90,000 lb/sq in, grade 8 is about 130,000. For a half inch bolt, that's a shear of 17,600 lbs each for grade 5, vs 25,000 each for the grade 8. Even if you're planning to pick up the vehicle by the hitch, one grade 5 in shear is more than strong enough. Their tensile strength is slightly higher than the shear, so that'll work too, but now you're putting all the load on the threads.
Moreover, the bolts are only in shear from vertical loads on the hitch; the pulling load on the hitch goes right to the crossmember. I'd worry more about how the Curt hitch isn't welded all the way across at the front of the channel that goes around the crossmember. And anybody notice that the factory rear hook uses three bolts?
Hardware store stainless steel is not only softer and weaker than carbon steel, you can get funny corrosion problems as well; plus which, it'll round off and bugger no end. Bad idea.
Not to say don't use grade 8; just no need to get hysterical about it. Four grade 5's have about the same shear strength as three grade 8's"