Proper method for determining bearing clearances?

If a person has a bolt stretch gauge, tests could be performed on stock bolts to see just what will happen at what torque and lube. My idea is locate some factory virgin (once used) bolts, measure them, then remesure at 5 ft lb torque intervals till the bolt reforms at least .001 longer. I would measure using ARP assembly lube, to establish a consistent method. Then pick a percentage ( 75%?)of stretch or torque just shy of the failure point where the bolt failed to return to initial length. How does that sound? There have to be a few old used rods lying around to try this on.
This would also give you a stretch amount for that bolt, and a torque value that would be safe.