You could probably use the thread pitch and some math to figure out how many lbs of tension is in the bolt at 150lb-ft on the nut (if you have a good guestimate for friction). My guess is that the threads would strip before you could deform the 1/4" wall axle tube. The front cast spring plates are probably even stronger.
Some people say that U-bolts have to be re-tightened because they stretch and threads deform, but I don't think it's true. This same phenomenon would apply to all fasteners, maybe just based on their length. After tightening them a few times, you can take them off and the nut spins fine along all of the thread (i.e. thread is not deformed). I think its all due to the U-shape. It's shaped in such a way to fit easily over the tube, but as you tighten it, the shape deforms a little. So the distance from where the bolt touches the bottom of the axle tube to where the nut is decreases slightly, loosening the fastener. When you put the new U-bolt on, it fits fine in the spring plate, but when you take it off, the "U" shape is wider and the outside of the threads hangs up in the plate.
I bet the amount of tightening needed depends partially on how springy the bolt is, especially if you use an impact wrench. The bolt will bounce back in torsion eating up some of your lb-ft. So the longer the bolt the worse this will be, but all else being equal a longer bolt also tends to clamp better with the same load through it.