</font><font color="blue" class="small">( over a simple set screw )</font>
I'm not knocking your idea of a bolt.. but.. I think you have 'too' low of an opinion vs set screws... do keep in mind that set screws hold very important things like tranny shifter forks .. etc... Those aren't things yoy want to come loose.. ( and you rarely do see these loose.. ).
If I went the set screw route.. i'd use taper threads, and I may even dimple the pto shaft with a second or two of drill bit contact thru the hole using it as a pilot.. etc.. this would make a great detent for a pointy headed set screw.
If you use an offset bolt , starting the hole on the curved exterior will be the issue.. and end mill might work.. or a second with a die grinder to flatten the spot, and then a center punch... etc.
use a hard bolt... like gr8 to go along witht hat hardened adapter... wouldn't want a soft bolt inthere and have it deform slightly and then not come out.. thus locking it to the pto shaft till it is drilled out or punched out.. etc..
A hose clamp slid over the set screw area and then tightened down would prevent the set screw from backing out.. and that woul preclude any drilling.. just use the hole already there, and tap for the set screw.. ( guess you could just drop a ball bearing in there too! )... all kind of ways to secure it...
Soundguy