I have no experience with the 350's, but on the 550's there are 2 bolts like that on the head, that go into aluminium threads on the cylinder/block. The general consensus with these two bolts seems to be that they should not be tightened to any specific torque specs, but rather just tightened up firmly by hand - as they don't necessarily impact sealing & tightening them to the torque specs listed can lead to those threads stripping out.
That could potentially be why yours was already stripped, but I'm sure someone with experience with the 350's will be able to provide more insight.