Too much for a 1/2" bolt?

I could weld on a second side for the main pivot so it is not just the 1/2" steel plate holding the 1/2" bolt.

I think I will weld or bolt the whole contraption to a metal base. Might need that anyway for my belt tensioning plan for the drive shaft (4-speed pulley on one side and 2" drive wheel on the other, on pillow blocks).