First, I am working on a 1975 slant 'peanut head', but acording to my 74 FSM it looks like this info is right for the older style as well.
Correct, the back bolt is 5/16-18, and will not tighten in any other position (they are 3/8-16). No, there is not a hole through it. The oil comes up through another hole on an angle next to it and goes into the shaft around the reduced shank of the bolt. Other than that, be sure the small holes in the shaft point toward the springs and down. Also be sure to use the wider hold down 'washer' in the center position and that none of them pinch a rocker.