Not so good, better would be a "reverse fishmouth" on a steel bushing that fit INSIDE the inner tube and aligned with the bolt hole. Then, properly torque the bolt (depends on grade, diameter and length) so the bolt loads a "solid structure".
Currently, the design allows for some "crush" of the tongue thus losing some of the clamping force. Threads in shear are also not a good thing for strength, but may be fine for "torque limiting" as in a snowblower auger.

Note: you could also use a length of bar stock inside the inner tube rather than my first thought.