good plan except, that pin is going to take a lot of shear force.
Shear pins for a baler would make it the weak easily fixable point. IIRC the shear pins for a massey baler were 1/4" with a squished nut. Other than that anything other than a grade 8 bolt is going to break quickly. Don't expect a roll pin or split pin to survive long.
I'm using a grade 8 1" bolt hardened