I have used the 5/8" threaded rod with thick washers, trailer spring plates and double nuts several times. I am still very cautious but it seemed safer than the rent-a-junk that I tried the first time.
I also use a floor jack under the control arm so that most of the work the compressor does is to hold rather than compress. It's easier on the threads that way.
Vikki 1969 Goldenrod Yellow / black 400 convertible numbers matching