Replacing Diving board anchor bolts - Are SS wedge bolts a good option?

BEWARE: stainless steel hardware is often fairly weak ... even less than typical Grade 5 hardware. So there very well was likely a reason that the old hardware was not stainless steel.
 
A shot of rusty metal primer would offer better corrosion protection than covering them in dielectric grease. Or a layer of nickel anti-seize compound would be a good choice.

Dielectric grease in that application might actually increase corrosion by trapping moisture against the steel.
 
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