My mistake on the T4 - "extruded as T4, artificially aged to T6". Sorry to have wasted your time.
After a brief reading of AA specs I respectfully withdraw the suggestion of going to T62, T6510 or T6511 - I don't see any benefit and T62 is clearly not applicable.
Too bad you can't go to 6005A - the air vs water quenching has several advantages.
Your original question was how to predict failure. Using force / area = stress and comparing this stress to the specified minimum yield stress is one answer, as the learned responders have elucidated above. Because if the applied stress is less than the yield stress, the part should not have any permenant deformation (ignoring the Bauschinger effect if it is relevent to your parts).
I think "buckling" is not quite the appropriate word but who cares - it's what the customer uses. Same for referring to yield offset value.
It's goofy that they draw a part, hold you to those dimensions and alloy specifications and then require you to test past yield strength while requiring a maximum permenant deformation. Leave it to the auto industry!!! Or, more likely a carry over from years ago now used by a new PIC and/or SME who have too much on their plate and depend on outside suppliers like you for technical expertise and suggestions on how to make it work in real life.