Firstly - "allowable bearing stress". BOTH values are commonly used, depending on the type of structural assessment used.
If you are designing with actual working loads and ASD (allowable stress design) then 0.35f'c is you value. If you are working with limit state design (LRFD), then you use 0.85f'c (with factored design loads and a reduction factor on the 0.85f'c).
If your plate is loaded outside the 'middle third' then your P/A+M/Z formula is not applicable. If it is loaded at the very edge, without distributed capacity for tension between the plate and the concrete, then you will have an unacceptable bearing stress, and the formula is P/zero, since the only contact area which can provide equilibrium to the applied load (with compression only) is a infinitely narrow strip under the edge.
If you have anchor bolts and your plate is reasonably stiff, then you can analyse the stresses as if you have a reinforced concrete section (with the anchor bolts as reinforcement and the full area of the plate as the effective concrete section).