I am always averse to changing an engineer's decision unless I know everything that went into the taking of that decision. The problem is usually understanding all the loads and in this case, knowing how the spindle was specified, metallurgically.
If one were to remove the head and threaded end of the 5/8 bolt, they'd have a pin. Could be a pin for a shear application, as most pins are. It's fair to say, I think, that the failure mode for the spindle pin would be a double shear, or maybe a single shear with a moment. Exactly the kind of loads pins are made for. You can select the grade of that bolt/pin, 3, 5, 8, etc., and if you know the strength of the spindle pin, can do so to match. Other than that you have to rely on anecdotal evidence, and the problem with that is you never know all the facts such as static loads, impact forces, installation details, etc. that the part has experienced.
My favorite example. Please bear with me a moment: We used to ship very expensive equipment upright, which meant it had to go by 747 freighter, which was expensive. Manufacturing wanted to ship it on its back, something it was never designed for. So one day they laid one on its back and shipped it somewhere and back again. It came back fine (looking) and so they declared the equipment could now be shipped flat, since they'd proven it worked. Scary.
I believe we've all done things where we thought this will probably work, and it did! Does that mean it's a good idea? You'll never know. All you can say is, "Well, it hasn't failed yet."
Purely for the fun of it, I am making new pins on the lathe. I too will be holding my breath for the first few miles. ?