So if you don't exceed the elastic limit of the fasteners, (and without external factors like heat) you shouldn't have issues, right?
5/8-18 are the u-bolts? GM spec is 140ft lbs?
http://www.americanboltcorp.com/tech/techtorque.pdf shows a suggested value of 240 ft lbs dry for grade 8. At first glance that would seem to indicate that one is nowhere near any limit of the fastener, however it would seem to make an unopinionated decision, you'd need to know what kind of steel the u-bolts are to determine if re-use is safe or not. No?
As a comparison, the 7/16" wheel studs are very, very close to the "maximum" normally used for that fastener diameter, per GM lug nut torque spec.
I have a vested interest in not having to replace u-bolts, but just because people (including myself) have gotten away with certain things for long periods, without issue, doesn't mean it's good practice.
I have never bought new u-bolts, and I've hit my re-used ones with the same torque wrench over their life. Thus far I've never found one loose, but that doesn't indicate they are or are not near failure, either.