Version 1: OD = 5/8", ID = 1/8", wall thickness = 1/4"
Max stress = 135.04 MPa
Max deformation = 1.0079 mm
Min safety factor = 3.2212
Version 2: OD = 5/8", ID = 1/4", wall thickness = 3/16"
Max stress = 165.36 MPa
Max deformation = 1.0336 mm
Min safety factor = 2.6306
Version 2: OD = 1/2", ID = 1/8", wall thickness = 3/16"
Max stress = 229.86 MPa
Max deformation = 2.4137 mm
Min safety factor = 1.8925
Failure will most likely occur at sharp edge inside M8 dowel hole
Although Version 2 (reducing the thickness while maintaining the same OD) caused the difference between the tie rod ID and the dowel hole diameter to be even smaller (0.825 mm), this had a higher safety factor than Version 3 (reducing the thickness while maintaining the same ID).
This implies that ,overall, it is important for the cross-section to have a higher second moment of area.
CHANGE THE DOWEL HOLE TO A TAP DRILL
Is there a maximum acceptable ID based on the difference between the dowel hole diameter and the tie rod ID? Like a recommended inner diameter based on manufacturing standards?