304 is not as corrosion resistant as 316 but still works fine in a marine environment. Most hardware on boats used to be 304 but that may have changed in more recent times. Used the 304 bobstay fitting on my Westsail 32 for the snubber. The gudgeon and pintles on the rudder of our W32 were 316 and believe they are still in service after more than 35 years. If I had a choice, would go with 316 but that's just because it stays shinier.

Using the bobstay for the snubber worked great for anchoring 24/7/365 for two years of cruising. Side loads are not that big a deal as the boat tended to lie to the wind as the wind force increased. The approximately 30', 5/8" nylon line was tied to the chain with a rolling hitch. Removed it for most long passages but did leave it in place for one 5 day passage without any problems. Used the same line for the entire cruise. Using the bobstay fitting cut the chafe to nothing and the boat sailed little at anchor.