Depending on what standard you reference, and what strength level is required, high strength steel bolts are manufactured from carbon or alloy steels, with carbon content varying from ~ 0.20 to 0.55. In the quenched and tempered form, these alloys provide high strength and good toughness.
Welding involves extreme heating and localized melting which produces the following:
1. Brittle weld, due to the presence of untempered martensite. The untempered martensite is produced because of the rapid cooling that takes place after welding in thick sections.
2. Overtempering of the heat affected zone (HAZ). Again, depending on the chemical composition and strength level, bolts are tempered at temperatures ~ 300-500 C, and this temperature is easily exceeded in the HAZ, which causes local softening.
3. Severe crack sensitivity, as tempered martensite is quite prone to hydrogen cracking and quench cracking.
So, if you feel that using a welded shoulder bolt is the only way to manufacture this component, you should be aware of these problems, and proceed accordingly.