foglights,
thruthefence brings up an excellent point in FAR 29.
FAR 29.607: "(a) Each removable bolt, screw, nut, pin, or other fastener whose loss could jeopardize the safe operation of the rotorcraft must incorporate two separate locking devices. The fastener and its locking devices may not be adversely affected by the environmental conditions associated with the particular installation.
(b) No self-locking nut may be used on any bolt subject to rotation in operation unless a non-friction locking device is used in addition to the self-locking device."
Per FAR 29.607, if this joint would fail with the loss of a single fastener,then your fastener installation would appear to require dual locking features for proper fault tolerance. One locking feature would be provided by the nut's locking element. The other locking function would be provided by the thread frictions due to axial preload. This means that sufficient axial preload must be maintained at the nut under all conditions (ie. thermal, vibration, service loads, etc.). If your bolt is only required to take loads in shear (no clamping friction), then the nut installation torque would only need to be sufficient to ensure a constant locking preload.
Regarding your question about relative nut and bolt material strengths versus preload, there are a few things to consider. With a shear fastener, like your example, the nut is not really subject to operating loads. So the nut can usually have much lower strength than the bolt. With a tension fastener, the bolt is subject to axial loads, plus torsion loads due to torquing, shear in the threads, and bearing under the head. The nut only sees shear in the threads and bearing at its face. Most tension nuts are designed with thread lengths that ensure the thread root shear capability is somewhat greater than the tension capability at the bolt minimum cross section. So even though the nut may have slightly lower material strength, the bolt would likely fail in tension/torsion before the nut threads failed in shear.
Hope that helps.
Terry