I don't remember all of my brief studies in metallurgy but I do remember there being two phases of deformation in metal: Plastic and Elastic. If I recall correctly the elastic you get back when you release the strain and the plastic you don't.
If you try to reuse a bolt that has been designed to do its job availing of both forms of deformation (i.e a stretch bolt) I certainly would not reuse it for the same job. Its probably fine for hanging a gate but I wouldn't bolt down a head with it, absolutely not in a engine known for head gasket problems.