I'm nevertheless curious about how you'd solve the problem
Snug it up using the M5 thread as per a normal Allen key skewer, then hold the bolt head stationary with the Allen key and tighten the splined nut on the same end with a custom wrench to drive the nut towards the dropout face on the M8×0.75 threads cut on the outside of the bolt head and the inside of the splined nut. It looks like a differential screw, and would work as one if you turned the bolt while holding both nuts stationary, but by cheating you can use the big 8mm thread to pull on the 5mm shank without simultaneously applying any torsional load to the bolt shank.
Snug it up using the M5 thread as per a normal Allen key skewer, then hold the bolt head stationary with the Allen key and tighten the splined nut on the same end with a custom wrench to drive the nut towards the dropout face on the M8×0.75 threads cut on the outside of the bolt head and the inside of the splined nut. It looks like a differential screw, and would work as one if you turned the bolt while holding both nuts stationary, but by cheating you can use the big 8mm thread to pull on the 5mm shank without simultaneously applying any torsional load to the bolt shank.