If you remember the Three Stooges films when they cooked their hotdogs where the rivets were heated. I also thought the rivet was heated prior to be formed, so when it got cooler and contract, it gave the preload needed on the joining pieces.
Of course I remember the Three Stooges. Still watch 'em occasionally.
I was referring to radial expansion which would make for a tight fit in the hole. You're referring to axial contraction which may be more important in terms of tightness, and I think would not be impacted by installing hot or cold, as long as it was formed hot. Guessing at a yield of 50ksi the shrinkage from 1300F assuming two 1/8" pieces of steel is nearly 4000lbs.
Torquing a bolt to proper specs would likely yield a similar clamping force. Only problem then is how to heat your weiner.
