My opinion is that you'll be OK as long as whatever plate you are attaching to the engine as a lift point can be snugged down in such a way that all of the threads are inside the threaded hole, and that the bolt head is in 100% contact with this plate.
In other words, completely and securely fastened as to not allow ANY movement of the plate or the bolt.
EDIT:
I just re-read, and discovered that you are planning to pull engine and trans together?
If so that's going to be a heavy lift. I pulled a 454 and TH400 out of a 79 C2500 with a chain hoist ... and it was a grunt! I think I'd recommend that you use an adjustable equalizer and a 2-chain / 4-bolt attachment as the tranny will want to tilt that engine almost vertically.
Here's a picture that describes the carnage to the vehicle that ensues.
I was *by myself* (not such a good idea) and had the trans supported by a floor jack in such a way that it followed along as the engine was raised.
That worked *pretty good* until I realized that the engine AND trans were going to have to BOTH make it over the rad support ... on a 3/4 ton truck.
There was just no way. I couldn't simultaneously pull on the chain hoist and lift the tail housing. Out came the cut-off saw, and there went the grille!
Felt like a butcher ... even though the donor vehicle WAS headed for the scrap yard. :embarrass