In reply to jimtitt:
A very interesting topic. I've been contemplating similar (though quite different) in preloaded bolts in steel connections subjected to combined shear and tension. Talking about 1500kN tension and 300kN shear in a statically loaded structure with 8 or more 30mm HSFG bolts, but the theory should be the same.
I've only got limited experience with resin anchors which are notoriously bad at carrying load (when used as a replacement for cast-in concrete bolts), though a hell of alot better than mechanical fix.
I would suspect with a mechanical fix bolt that overtightening will overstress the rock a long time before it reaches the tensile capacity of the bolt (as Chris is suggesting). The kind of areas the mech fix will be bearing on in the rock (to hold the pretension) will be tiny and the local crushing strength will fail long before even 50% of the tensile capacity of the bolt will be reached. Once the pre-tensioning has been lost, the bolt will be free to move slightly and/or rotate, and especially after a period of use will end up bearing at a couple of points along the bolt and putting the bolt in bending when loaded. If you've got a combination of tension, shear and bending it would be possible to make the bolt fail in a fall situation I would have thought.
That said, overstressing a mech fix bolt would be pretty hard by hand without a pretty big wrench (as Jim said). Technically there shouldn't be a problem until the bolt is stressed in tension greater than the preload, unless the rock has already failed in the preloading stage.
All of this is ignoring he possibility of bad materials and corrosion.
Alot of thinking out loud above - I have no experience of bolts in climbing but quite a bit in structural engineering. If anyone has any links to technical reports or studies I'd find them very interesting to look up. Might make the working day a bit more interesting!
I've never climbed sport but my instinct in using bolts in construction is that I would prefer to trust my life to a resin fix rather than mechanical fix bolt.