For years I felt there was no problem with reusing hardware. I still believe there is no problem in less critical areas. What turned my thinking around was watching a Skidmore-Wilhelm Torq Tension Test, and seeing how much torque was lost after an initial torquing. Lesser quality fasteners can lose 40% or more while the better ones lost around 15%. The numbers grow worse after each use.
But we as consumers are seldom, if ever, encouraged to replace our wheel studs when purchasing new tires. Especially in a day when many tire shops are running pneumatic tools with the air cranked up. It's scary to think what little actual torque could be holding wheels on to some cars.
The stretching of the threads is the cause of lost torque. So if you reuse head studs a few times, for example, what your torque wrench is telling you is 100 ft. lbs. could actually be only 75-80, maybe less.
We have all reused head studs. Who could afford to replace them every time the head came off? Especially when some engines need decoked every 20,000 miles.
But it's a good thing to know that a used fastener does not show it's wear. Use caution if reusing it.
As for stainless steel, many people believe is very stron because it is so difficult to drill and cut. It is, in fact, relatively soft and stretchable. Yes, there are harder grades, but personally, I would never use ss in any critical areas.