Yup, every engine I've ever done has been lifted with a carb plate. They use these at the machine shop too. My 440 has been hanging from one for 2 months waiting for the AlterKation to come in.
The pullout resistance of a 1/4" threaded insert ( which has about the same threaded diameter as a 5/16" bolt ) in die cast aluminum is about 7000#. The 75% yield strength of a Grade 5 5/16-18 bolt is about 3600#. You have four of these bolts holding your plate to the manifold, so it would take many times the weight of your engine to do any damage at all. I'd be more concerned about the capacity of the hoist and said chain.