Any bolt that can slide through a hole (7/16 bolt in a 7/16 hole) is not supplying any lateral support unless the parts have already shifted. Bolts secure things by clamping force.
A case could be made for taking the shortest bolt with an unthreaded shoulder (1/4 inch long), drill the hole hole undersized by a 64th or 32nd depending how the bolt mic's and draw it through with the nut. That would be as close as a bolt could do to pretending it was a rivet.
Another choice would be to bolt it in normally, then drill 2 holes through the joint on each end and drive a pin into the holes to lock it into position (1 bolt and 1 pin = 1 rivet)
