err... looking at the photo I think thats a bad idea.
When you grind the top off the bolt you have re-heated the metal so it won't be gr8.8 or higher any more plus there's very little of the head left, one big pot hole on full chat round a corner and that could be game over.
The increased eccentricity with the spacer would as previously mentioned introduce a high bending moment into the bolt when it's probably designed (if designed) for pure shear.
You should also have a few turns of the thread sticking out below the nut. If you made a propper spacer up then while it wouldn't effect the actual bending moment in the arrangemet it would increase its section modulus when combined with a properly torqued bolt.
Is there no scope to move the steering rack somehow so you can decrease the spacer length and keep the rod angle down?
edit: just re-read it the rear do nix the steering rack comment! Still, you really need to reduced the spacer length
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