I do this on almost every rocket I've built. Though I don't use any all-thread, but a pair of 1/4"-20 forged eyebolts, with a coupler nut to join them together. I also use the coupler nut to hold my sleds (3D printed) in place, so the sled typically captures the nut and the upper eyebolt (also keeps the sled from turning), bulkhead and nut remain together along with the sled, and the lower bulkhead and eyebolt are removed to insert the works into the coupler, and the bottom eyebolt is then screwed-in to close-up the bay. My local hardware store carries Stanley forged eyebolts in both 2" and 4" lengths, so I can do bays up to ~7.5" with just the two bolts and coupler nut, I could do longer with two nuts and some all-thread, but I don't have any bays likely to be that long on the roadmap. These eyebolts also have shoulders just below the eye, so I don't need any nuts/washers on the outside, on the upper bulkhead a nut/lock/washer set locks the eyebolt to the bulkhead. I use the longer coupler nuts (~1 3/4") to ensure several complete turns on each side, haven't had an eyebolt even start to come loose on almost 50 flights this way (and no swivels). On 54mm and greater bays I tend to just leave the eyebolts centered, on a 38mm rocket I shifted the eyebolts as much as I could while keeping their loops from hitting the airframe, to leave enough room for my altimeter and battery.
The only ones I have that aren't this way are my Binder Excel's bay, which is built the stock way with a pair of all-threads running top-to-bottom and shorter eyebolts on-center at both ends (but if I ever re-build that bay I'll consider converting it, I have another 4" in the works I plan to do the above way, though I may use 5/8" eyebolts instead), and a GLR Firestorm 54 which was built their stock way, a single offset all-thread running top-to-bottom and shorter eyebolts on-center at both ends, but after an early ejection split one of these (wood) bulkheads in half separating the rocket into two pieces I decided to go with the above approach on the rebuild so that the bulkheads themselves are not carrying any shock loads (beyond holding the avbay coupler itself). FG is probably strong enough that the load transfer wouldn't be so bad, but on a wood bulkhead I'd rather not have it carrying any significant load.