Later swim platforms are held on at the transom by through bolts/ nuts, ( 1/2" x 2"), a large thick washer or pad on the inside spreads the load. So, I can't imagine there's be an issue with you changing to this set up ( as long as you can get access in the engine compartment to put the nuts on!), It has to be a more secure alternative to a lag bolt or an insert in the transom.
If the current bolt has a machine thread but doesn't go all the way through the transom, it sounds like there is an insert of some sort in the transom that it is screwed into. Is the bolt turning but not coming out? If so, the insert may have come loose in the transom and is turning. If the head of the insert can be seen, putting a wedge between it and the bracket might exert enough force to lock it and allow the bolt to be unscrewed. If not, there may be no option but to cut the bolt head off and grind the stem back flush/ seal it/ redrill the bracket and transom for a new bolt
Graham
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