"Then I model the plate as a simply supported beam, but when it is all said and done, I get a safety factor of 0.2."
But think about it: You've got a very, very short; very, very wide "beam" - then you remove 85% of the middle of the beam with a big hole. No, that's not really a simply supported beam with a single load in the middle (the bolt) and two end supports (the clamped pieces.)
Load points aren't exactly at the the two points of where the two arrows are either: there is a little "spread" in the ontact points that will matter in the FEA analysis at those small a distances. Remember the "areas" of contact as well. Small differences, but you have a small part as well.
FEA is - frankly - required, but is it justified?: "Thumb rules" work from experience, and your 20 years of experience with this part IS the experience you want.
Now, you just have to figure out how "overbuilt" the original part is, and how expensive it will be to "rebuild it" down towards a more economical part.
Fabrication: Can you make it cheaper? Can your FEA (time and money and "proofreading" the results) find results that might make a cheaper (easier to make/simpler) part economical?
Tough calls. In my humble opinion: phrase it like that. Don't promise money back - higher sales by advertising a simpler or more economical or "better" part right away - but "maybe this can make a better/cheaper/prettier/more attractive clamp" - that we can sell in a tight market "better".
One FEA (at a high expense on an already produced "overbuilt" item) might, just might, point the way to re-fabricating tens of thousands of clamps - at a savings of a few pennies each ......
Dollar/yen/euros/canadian .... That's your bottom line - and an "investigation" might be (probably will be!) warranted.