No one is going to condone it and say "Yeah, go ahead, it'll be fine to overload that hitch!"
But the way I see it you aren't really overloading it.
Define old and rusty. That may factor into it. We talkin peeling paint or RUST?
If it's got cheapo grade 2 bolts in it, then yes replace them with some grade 5 or 8. Fine thread doesn't matter unless they are in tension. If just in shear then NC thread wil work.
I have been guilty of overloading the stated capacity of more hitches than I have fingers.............and toes to count on. Mostly on tongue weight. Only 1000-1500lbs tongue capacity is real easy to overload.
The key is to do so with a bit of sensibility.
In your case, 2-300lbs over the bending (tongue? capacity while considreably under the tension capacity, probably not too risky, especially since you've identified a weak point and will be fixing it.
You're not working it well past it's limits, rather barely over it's rated capacity. Use caution.