My interpretation of the bolt connector is that it is not intended for the review of the stress from the bolt on the bolted components, but rather review of the bolt itself. One possibility is to have a pair of studies, one with the connector and one that substitutes the full bolt model with loads from the first study(by user input). Use the connector study to specify bolt size and preload, then view the axial, shear and moment for the bolt. Then set up loads for these axial, shear and moment in the study with the full bolt model. Immediately it looks like a lot of processing time to model the bolted joint in 3D using no-penetration contact. So no doubt I'd be looking out for an alternative algorithm that ran faster. Possibly use the 2D study if the geometry, boundary conditions and displacements can be assumed axi-symmetric.