In case you need more room, use a jam nut on your stud and you can trim the stud some more if needed. Since the bolt is in shear and the fact you are tapped into 1/4", going with a jam nut and a drop or 2 of blue removable Loctite you can gain you some more room if needed and not be short on pull strength.
Since I have a channel frame I was able to use a carriage bolt which has a round domed head and they were lower on the snap up. Chains do not hit.
Your pic is a good heads up for others coming behind you. Thanks for sharing.