You are mixing two problems, then almost seem to be fighting us as each different person addresses different concerns about your original problem.
1. I apologize: Several answers did address radial holes (above and below the stress zone between the bolt head and the washer-nut contact face). An axial hole is going to behave differently.
2. Preload is an external condition that must be satisfied: More specifically, preload is the force imposed ON the clamped components BY the bolt head-washer-nut squishing the clamped components. So, your design requirement is to (a) determine the preload needed for your application, THEN determine what bolt and material and diameter can satisfay your requirement. A 1/2-13 bolt can provide sufficient preload. Sometimes. A 3-4 bolt-nut combination will fail to give you enough preload. Sometimes.
Now, you are correct, the preload is provided BY the compression of the nut-washer and bolt head. But, different bolts of the same dia and material will yield (and fail to give you your needed "continued load" (not preload) because some threads were rolled and some cut. Look again also at the hole dia of the washer, washer material and deformation, material hole size and material deformation. Preload assumptions (er, calculations) DEMAND you make a lot of assumptions about the connection details. Torque is only a minor one of many. Lubrication, torqueing sequence and torque steps, the methods of applying torque and many more matter even more.
A "hollow" threaded rod WILL fail (stretch) much more than a rolled threaded and machined bolt. So, go test your assembled bolt, after making a yield calc based on the STRETCH (yield) you get for a hollow rod pulled axially of OD = 90% of the minor diameter of the bolt (because of stress risers at the tip of each thread) and ID = your inner hole.
Once you know (assume) your hollow bolt will not continue to stretch (relax under the required preloaded conditions), then you can go back to the original diameter bolt and determine the "perfect" toque required to establish that preload for a normal solid bolt under normal conditions (clean threads, lubricated properly, properly sequenced in steps, etc.)
OK, now you have a theoretical toque that will be required under ideal conditions to a normal bolt. Go back to your hollow rod model of OD = 90% threaded rod minor diamter, ID = hole diameter, and "torque" that rod. That will tell you if a perfect hollow rod can withstand the torque needed to establish the preload needed for your application. Under perfect conditions.