We used small hardened 1095 CS shear pins on over 1000 pieces of equipment. The pins were 0.061" and 0.078" . The pins were water quenched then immediately drawn to 900°F. The final tempering temperature was determined by testing in double shear to give the desired shear strength. We were trying to achieve a pure shear failure, no tensile.
There were several parameters that greatly affected the point at which shearing occurred.
As per you post the clearance of the pin is very important. We used what was called an “machine fit or slip fit” between the pin and hole. We achieved this by using a long hardened drill bushing, essentially no wiggle.
If using a hardened pin the shearing edge of the hole needs to be perpendicular to the hole with no radius, sharp. A rounded or worn hole will allow a pin to be pulled out enough to lock the two driving hubs by wedging.
Again if using a hardened pin the clearance between the pinned hubs should be as low as possible. Our driving hubs were held in place by a bearing that kept the plates holding the drill bushings parallel and perpendicular to the centerline of the shaft.
The use of soft materials Al or Brass is essentially the same unless using a reduced cross section pin. You still need to keep the pin from bending and wedging the hubs togather.
A reduced cross section pin is usually locked in its holder and installed as a unit. The clearances are not near as critical as you need with a hardened pin designed to fail in shear. This type pin usually carries enough clearance to keep from locking the hubs.
Driv-Lok and Spirol did have some good information on using spiral and solid pins as shear pins.
Another point that is very important concerning the life of shear pin is that any motion other than rotary is very detrimental to the life of said pin.