I have used bronze hanger bolts to mount both a cutless bearing on the outboard side & a bearing flange on the inborad side of the wormshoe that houses the driveline shaft on my 1936 Matthews.
This application makes it easy to later remove both the cutless and flange castings for later bearing replacement by a professional shop. I had to epoxy glue hardwood dowels into the old bolt holes before reinstalling the new hanger bolts.
You need to use two nuts to install the hanger bolts. The second nut locks onto the first to turn the wood screw side of the hanger bolt into the keel/wormshoe & acts as a locknut when finished. I also used a liquid threadlock.
You must be careful not to damage the bronze threads as they are much softer than stainless steel.
You also need to be very careful to predrill the smaller diameter pilot holes straight so the castings go on true.