call me crazy but on my steering arm i have a hole drilled thru the excess bolt with a cotter pin to prevent the nut from backing out. you wont know the nut has loosened until you have no steering and that will be BAAAAD.
just something to think about.
ka0tyk isn't kidding. I had a bolt fall out of my reverse bucket once because the nut backed off and fell of the top like that. Was fine until I lifted and then nailed it again.......you know how they say a Jet Boat can stop within it's own length.......well, they AIN'T KIDDING!!....Damn close to it!!....Had the bruise marks on my thighs to prove it and thank god I wasn't any where near full tilt or I'da been swimming with broken legs, most likely. Thank god also I was running solo.....
Ralph Brunt to the rescue with a tool box in his truck (bigger'n most of the Strap-ons in our garages, prolly) full of bolts, nuts, and even had a shouldered bolt the right size and a nylock nut to fix the fugger right on the beach. Ran it from the top down, this time.......
I realize your steering bolt MAY be set up, and threaded, to be installed that way from the steering cable. Mine was similar on the JB on Pickle. I drilled the threads out of the steering arm, picked up a correct S/S shouldered bolt from "Fred's" here locally and dropped it in from the top.
Just a word to the wise..........

Ray