Yes if you had special high grade bolts made it would work, as long as the thread root followed the old thread. However that mean machining and tapping the block, plus the cost of the custom threaded bolts.
I think that using special studs would be cheaper and easier.
If the positioning dowels are indeed the same size on the two engines, then the 1/16" difference in bolt size wouldn't matter, since it is the dowels themselves that position the heads.