That sounds right yeah, holding the squad in place. I'm rubbish with bolt measurements, how do you know it's an M8?
Not sure if there's room to get a socket over the bolt head where it needs to be fitted. The current bolt looks to have what's described as a cap head. I see that there are M8 bolts with a cap head available, not multispline but hex, which might be better suited here? Like this
CAP SCREW ALLEN BOLTS SOCKET HEAD HIGH TENSILE 12.9 M3,M4,M5,M6,M8 ZINC PLATED | eBay
Cheers