With most metals the ratio of shear to tensile stress is in the range 65% to 70%. There are one or two oddities as low as 63% and some as high as 72% (According to the US document MIL-HDBK-5J [now obsolete as free standards become less obtainable]). The general figure used is 65% unless specific information is available.
For a bolt in tension you should always use a stress area based on the minimum minor diameter if the thread as it's conservative. In shear, provided the bolt shank passes through the possible slip plane between two parts, the shank area may be used (which is larger) otherwise use the minor diameter based cross sectional area.
When there is shear, the bolt shank may abut on the metalwork on either side. The area needed depends on the bearing/bruising stress of the base metal, which (again from a survey of MIL-HDBK-5J) is between 1.9 and 2.1x the tensile strength. I conservatively use 1.9x. This then gives a handle on how far the centroid of the abutment load acts from the slip plane. This in turn allows a calculation of any bending stress that may occur in the bolt during shear loads. All this depends on the conservative assumption that there is no pre-load on the bolts and therefore no friction to overcome, all of which make the joint stronger than calculated.
Preload in the bolts is not additive to any tensile load unless you are going to analyse the joint to the nth degree. A reasonable working assumption is that as the joint is pulled apart, the pre-load at the joint is relaxed at a ratio of 1:1 while the bolt tension remains the same until the bolt pre-load is exceeded and the joint can gap. In practice the bolt tension goes up a little, the amount being dependant on a complex ratio between the bolt stiffness and joint stiffness. This is a reason why many cylinder head bolts are waisted, to make them stretch more, therefore see a lower load variation as the cylinder fires, and therefore have a higher fatigue life.
Regards,
Richard.