IIRC, the rivet holes are 7/16 and that's what is usually recommended for a bolt. I use nothing but 1/2" grade 8 on my suspension work though (except for replacing the long bolts for leaf springs, then I use what fits the sleeve). The reason why I use 1/2" instead of 7/16? Well, back a few years ago when I started messing with my suspension stuff I scored a good deal on a couple big boxes of 1/2" grade 8 bolts (worked out to something like $5 per 50 bolts), so since that's what I have on the shelf, that's what gets used.
The rivets work out to something like grade 5 though if memory serves me correctly. I've tried several methods to remove 'em though and what seems to work best is to use a torch and/or an air hammer. When I haven't had access to a big enough compressor to adequately run an air hammer with a sharp chisel bit and a blunt round bit (chisel the head off, switch bits and beat the rivet out), I've torched the heads of the rivets off and used a BFH and punch to knock the rivet out (I've seen them knocked out with a little ball peen hammer but there must be a knack to doing it right that I haven't got).
Where grade 8 bolts are not required on a truck, I use nothing but stainless because I hate rust. I buy 1/4" stainless bolts in packs of 100 at a time anymore, same goes for screws - I keep #8 x1/2" and x3/4" phillips pan heads on hand at all times along with the bolts.