Footnote 2 in Table 11.5.1a discusses concentrated loads and states that they "shall not be suspended below the neutral axis of a single sawn lumber....beam except where mechanical or equivalent reinforcement is provided to resist tension stresses perpendicular to grain (see 3.8.2 and 10.1.3)." In this case, i'm not below the neutral axis, but I looked at the other sections mentioned anyway.
Section 3.8.2 suggests avoiding Tension perp to grain, but when unavoidable, to use mech. reinforcement. The references cited in this section don't look to explicitly deal with tension perp to grain.
I then checked 10.1.3 and this section talks about the reduced shear capacity of the beam due to the bolt location, but when i check the value in my 2x12, it's greater than the controlling Yield Limit Value for the bolt.
Incidentally, Woodworks technical support emailed me back that the reduction I encountered was a bug, and they are going to look into it.
I also called AF&PA Helpdesk, and they thought the correct value for my ledger situation should be the 450 lbs that is shown in Table 11E.
BUT, I've still not discovered any way to analyze/evaluate the capacity of a wood member for tension perp. to grain. I know USP and Simpson provide reduced capacities for their hangers for when, say you have a 2x4 hanger suspended from the bottom of a 2x12 beam. But again, i can't find how they calculate this reduction.