I have a set of grade 8 bolts turned down about .010 under their nominal diameters and the end is cut down to provide a smaller diameter "pin" that will go into a misaligned set of holes and then can be turned with a wrench to line up the hole. The "pin" end is offset from the cl providing a pretty good bit of leverage.
These work great on piping where you don't have the length for a spud.
Attached is a cad drawing with the sizes used on pipe flanges. The drawing was made up for the machinist to make them but its much faster to have them just turn down the OD then cut and shape the pin with a portaband and grinder.
I had originally thought of it for making a mechanism for lining up plate and got this idea trying to put in flanged valves where the body fouled the end of the spud.
Because flanges are drilled to even fractional sizes and often painted, you do have to turn the body of the bolt down or you can't get it in the flange hole.
Back in the day,I would take a long stud or bolt the flange hole exact size.zip cut a sharp angle on the end of stud or bolt,tap it in where I could see daylight,turn with pipe wrench, tap again and turn repeat until lined up.Worked for me.
I remember many instances when you had a 8-10-16 hole plate to line up and the only way to get er done was with at least 4 spuds and maybe at least 4 smaller bolts to hold er tight whilst you reset. Anything that can help correct detail-er mistakes without the torch coming out I am all for.