May have answered my own question.
Lock wire doesn't keep them tight, it keeps them from falling out. Do you want to get rid of the lock wire and reinstall it every time you want to check or tighten the bolts?
I realize the spools and lockers are putting more stress on the bolts, but I thinks its important to make sure the holes in the axle flange are not wallowed out, and that the bolts have a shoulder at the head and not just threads. You lose about .010" diameter with that size bolt. I think that's why the studs are more effective. There's a shoulder where they change from coarse to fine.
When it comes to nuts, grade 8 doesn't net you anything over grade 5 unless you are using their tensile, which you are not on the axle flange. Grade 5 is more than adequate enough to pull the neccesary preload on the studs, especially fine thread. Nuts, by shape and internal thread, are inherently stronger than studs or bolts, by many times even.
If the holes in the axle are wallowed out, or the axle threads worn, then tapping to 1/2"-20 sounds like a good fix. The 1/2" bolts will not only be more resistant to flex, they will take a lot more preload to help stay tight. Try and keep a shoulder at the flange, although it may require getting a slightly longer bolt and cutting it off, and maybe even relieving some of the threads on the shoulder with a die if the shoulder is too long. I believe the shoulders start at around 1-1/4" legnth on cap screws. Most bolts are fully-threaded, so ask for hex head cap screws.
I don't recommend socket-headed cap screws(allen bolts), because they lack a lot of surface contact that you get with the bolt head or nut. You can use a lock washer with those as well.
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