Now I am confused!

It looks like the threads on the screw are long enough to go all the way through the barrel side of the bridle (photo 3). And in photo 4 it appears that the threads in the bridle have more than 1 1/3 engagement. The photo in the original post (and photo 2) seems to show that the 1 1/3 threads are not engaging because there is a blockage at the barrel end of the hole, probably to keep the end of the bolt from contacting the barrel. There is plenty of engagement with the screw threads if you can tighten the bolt down solidly.
If you can't clamp the flash guard to the bridle with the bolt, you will want to either put a washer between the bolt head and the flash guard, or file/grind off the end of the bolt enough to allow the bolt to go further into the bridle.
You may want to take the bolt to a hardware store (Ace, Lowe's, True Value) and have them check the size and threads, then get another one to do your filing on to make sure that will get the job done before you do the same to the original bolt.

I hope this makes sense. Let us know how you make out!
~Kees~