Sorry guys, but I gotta disagree with using a smaller bolt or forcing parts that are 1/4" off to line up. Under normal operation, the torque arm moves and the smaller bolt will begin to cause wear which leads to noise and failure of either the bolt or the steel bushing. Forcing things to line up will eventually lead to premature failure of the rubber in the torque arm bushings.
There's a steering arm mounted to the steering knuckle. One end of the drag link connects to it while the other end connects to the pitman arm on the steering gearbox which of course mounts to the frame. This means axle housing movement in the form of rotation under braking will have a direct effect on the pitman arm.
This rotation is prevented by the torque arm which connects the axle housing to the frame. Without it, the steering goes left when braking heavy; especially in an emergency situation where speed is a factor. Try going just 20 mph and slam on the brakes to experience this before it happens in an emergency.
The torque arm also prevents the leaf springs from wrapping into an S-shape under high torque situations. Spring wrap becomes more pronounced when lifting blocks are used between the spring and axle housing. Force times distance. That's where traction bars or ladder bars come into play as well.
After changing the caster angle via 3 degree wedges between the axle housing and leaf springs which gave a 3" lift, I had the issue with the torque arm being too short. My solution was to cut it in half and cut another 1" or so from the length of one. Its diameter is that of a 5/8-18 thread. I used left and right hand die nuts along with oil to thread the ends. I then bought a '85 Buick Regal tie rod adjusting sleeve from Autozone (part # ES2032S) to complete the assembly.
I hope you all find this useful!