i think you are still confusing compressive and tensile stress issues. yes, your right there are stress concentration issues, but you are confusing how they effect a con-rods performance...due to tens/comp.
as for bolts, you havnt really explained WHY they are better:
they have a wasted shank which removes stress concentration by balancing stress levels throughout the body of the bolt i.e. no part of it is stronger than another. Comparing this to the standard bolt the shank is of a greater diameter than the threaded section. This will create a great stress concentration around the sharp change in profile and in the threads themselves. Secondly, the threads on the up rated bolt are rolled rather than cut. Instead of cutting or shearing the material, as is the case of single point threading, thread rolling cold forms the profile to be produced. In this process, the component material is stressed beyond its yield point, being deformed plastically and thus permanently. A hardened die made from tool steel or High Speed Steel (HSS) displaces the material along the contours of the thread profile, plastically deforming the material into the final form. The work piece material is stressed beyond its yield point, which causes it to flow and conform to the mirror image of the dies profile.
the grain lines of the rolled material are not interrupted like those of cut material, instead, they are compressed and moved more perpendicular to the centerline of the part, increasing the threads tensile strength by 10-30 per cent over cut threads.
the compression of the material during the rolling operation causes work hardening at the threads surface. This is most apparent in the threads root and along its flanks, making it more wear resistant also.
a rolled thread also has up to 70 % increased fatigue resistance (hence the higher safety factor) over a cut thread. Since rolling is a chip less operation, the profile is free from burrs, tear marks, chattering marks, and sharp exit points, all of which are focal points for stress. If a part were to fail from fatigue, it would fail here at the end of the thread, where the entire load is concentrated. Parts that are under a constant load such as a con-rod bolt greatly benefit from thread rolling because the threads have a smooth work hardened, radius and burnished run-out. so yes, ARP bolts have greater fatigue resistance....
back to fatigue for our scenario, fatigue faliure is increased by either the magnitude of stress being applied, or the number of cycles. the stress applied to the bolt under greater cylinder pressure simply IS NOT increased, hence fatigue failure is no more likely.
i have computer generated FEA somewhere for conrods and bolts if you need any further proof....