As you said, hollow bolts are not good, because of reduced tensile area.
As others have said, notched bolts are not good, because of the stress concentration.
Bolts and nuts made of the exact same material are not good, because the nut will not yield to distribute the load axially, so only one thread carries most of the load.
Not to put too sharp a point on it, it doesn't sound like a win- win design.
On the other hand, there might exist a balanced design, where the hollow bolt is thin enough to compress inward and stretch a bit at the proximal threads, so a bit more load transfers to the distal threads, so the risk of a spiral failure of the nut's internal threads is reduced, and there is still enough net tensile area in the bolt to carry the applied load. You might have to 'bottle- bore' the bolt to make that happen.
Maybe, while we're conjecturing, the induced compressive hoop stress at the proximal threads (from stretching the bolt to distribute the load over the nut threads), could even help the stress concentration situation associated with the assembly notch.
On the other, other hand, it doesn't sound like a back- of the envelope calculation.
-Mike-