In my case, if I went any thicker, I would not have enough threads to positively secure the nut. In the case of the nut on the cable exit side, it would be tightened using only half of the axle threads due to the design of the cable exit passage. This would certainly fail.
O-1 is a very tough steel, and since I'm doubling up, and actively secureing the torque arm spread to the axle flats, I anticipate no problems. So far all is good, but I do check them each commute, not only visually, but with a wrench.
Andy