Diamondjim and RJeffery,
I fully agree with your points except the twisting force, that too would be affected.
This is a typical formula used to estimate torque. Obtaining a proper value on friction alone is diffcult, The only thing that counts is bolt stretch. If you must know the clamping load to a high degree of accuracy, you must some how measure actual bolt stretch. Often this is not practical. If you can not measure stretch,(hard to do in the field) and must resort to torque, you'd better ensure you're buying quality hardware that meets IFI, SAE or other standards, and have significant margin (MS of 1 at least)in your joint design.
Batman2