lower control arm clearance

Hi Mr Ed. The previous owner was going to race it. I want to go away from the drag race setup and go to a street setup. Would replacing the tapered threaded rod with a shorter 5/8 grade 8 bolt work? I'd have to drill the tapered hole in the arm to 5/8 inch.
Was there any other pecularities with the drag set up as opposed to the street setup?