Bill knows far more about this than I do. But, here come's my simple view:
According to Thomas Glover's Pocket Reference:
Grade 2 has a proof strength of 55,000 lb-force/square inch
Grade 5 has 85,000 lbf/in2
So the SS fasteners at 70,000 lbf/in2 would be 1/2 way between G2 and G5.
Let's take the oil pan bolt - 390657, which is a 5/16-18. The factory shop manual calls for torquing it to 9-11 ft-lbs, while Glover's Pocket Reference says a G2's standard dry torque is 11.3 and G5's is 17.4 ft-lbs. So a G2 is adequate for that torque, and the SS fasteners would probably be happy to torque to 14 ft-lbs.
Again, I realize that is is a gross simplification as it doesn't take into account the modulus of elasticity, clamping loads, etc. But, it seems to me that those SS fasteners are more than capable of holding on the valve covers, pan, water pump, etc.
Gary, AKA "Gary fellow":
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