A few observations from large and small targets with properly fitting and poorly fitting bolts. This only applies to targets hung from a support of some kind, I’ve never hard mounted them to a post so can’t say how those react.
A larger target will have more inertia so won’t stress the mounting system as much, assuming a hanging mount of some kind. I have an 8” round and 12” square of AR500, each ½” thick, each held with two strips of hard rubber cut from a trailer mud guard. At 200 yards most hits from a .243 on up will bounce the 8” target around, while even a .30-06 at that range only moves the 12” square a little bit. Two holes are better than one, one hanging strap lets the target twist around and it can take a while for the target to settle down again.
AR500 is the way to go. My 8" round at 200 yards has a couple thousand hits by now with everything from a .223, .22-250, 243, .25-06 - all full power going 3200-3800 fps, , 6.5's of various kinds, .270's, .308, .30-06, and 8x57. The moon looks like a cue ball compared to the surface of the target but it's still hanging in there, pun intended. FWIW, the 12" target gets a lot of hits from a .223 with 55 gr. FMJ but mostly it's used for lighter loaded military or .30 caliber rounds and it still looks almost new.
Size the bolts to the holes properly. The JC Vibby targets I use have nice precise holes for ½” bolts but I was using 3/8” bolts. The attaching nuts would loosen to the point of falling off after a couple or three dozen hits. The bolts would also break repeatedly, I assume from bouncing around in their holes. I replaced them with ½” bolts and with a washer, lock washer and nut on the back the nut doesn’t loosen at all after a full range session of 100 to 120 high velocity rounds or more. The bolts last far longer and are only replaced when a few direct hits destroy their heads and start to push them through the steel.
Hardened bolts don’t hold up much better than standard, they just cost more. They may last a little bit longer, I haven't proved it one way or the other. but direct hits will kill both of them, so I quit paying more for the hardened ones.
The hanging straps obviously attach to the back of the gong but try to hang them so they are behind the supporting structure as well. I.e., behind the plane of the target face, otherwise shrapnel tends to tear them up prematurely.
Anything downrange WILL get hit eventually, so whatever you rig up should either be a) literally bulletproof and stand up to thousands of hits or b) easily, cheaply and quickly replaceable.
Here is a thread from a while ago with some pics of my target set up. I've replaced the wing nuts with a washer, lock washer and hex nut but the general setup remains the same. In the pic you can see how the wings of the nuts broke off just from the shock of bullets hitting the target.
Gong hanging advice