Buy the best rod bolts you can afford......not my advice , but it makes sense.
You will sacrifice some strength with a 3/8" vs. a 7/16" assuming the same material is used in both.
Competition Products lists a bunch of Howard's Limited h.p. / light weight steel rods that typically use the smaller bolts and will hold up to a healthy h.p. number.
They are pretty popular for roundy round deals that are limited by rules to certain heads or carbs , and are recommended up to 550 horses.
But a 3/8th " bolt of unobtanium is much stronger than a 3/8th" out of 8740.