What's the risk other than redundancy? As long as one pin remains in each bar I think it should be OK.
This is a really good idea...I don't agree with the mechanics of it though.
The risk is that the bolts can loosen and allow the handle bars to move. There is no redundancy. Both the hex key bolt and the nut are designed as slip connections. The pins keep the bars in position, the nut and bolt keep the bar from moving up and down. With this method the bars pivot on one pin and then tightened down at the desired position. What torque value is sufficient to keep the bars in place?
With one pin removed all that remains are two pieces of flat metal squeezed together, you might as well remove both pins and crank down on both the nut and bolt to a point where you feel it is safe.
There would be some significant calculations to figure out the forces along that plane, but each time the handle bars are moved, that slip connection is being challenged. This occurs each time you push on one side or the other in a turn, it would also occur each time the bike goes over an expansion joint, pot hole, or into a drive way with a curb, etc.
To go to the extreme example of this, imagine the bike on a lift with the front wheel in the wheel vice and start pushinig on the handle bars, at some point on the scale that squeezed connection is going to be defeated. That force is likely at some value that you can't possibly achieve with the bike in a static position...but I can envision it possible in a crash. In a crash situation it doesn't matter any more, hell the pins could shear off and the connection could still slip.
My concern is with a repeated number applications of force in real word situations, that connection is like bending metal to the point of failure, with enough applications and the vibration in the bike eventually those connections will loosen. When? I don't know...it might be after 1,000 miles, maybe 100,000 miles.
I know that my examples are extreme.
PTP