that is right elastic deformation depends on the material mainly. Have you ever heard of the term... "Damm these butter screws". you can have the same screw the same size one will just mash itself to bits the second you put a load into the head, the other will torque down so hard its not funny.
Yes it may be experiencing elastic deformation but it will only be in the axial movement not in the lateral so much this is where your bolt will fail due to shear stress and often will lead to a "catastrophic failure (material fractures compleately)" not just "fail(fall into the plastic deformation)".
If you wish to stop your gear from swaying in the breeze then increase the moment of inertia of your matierials or as you said make it bigger but at what cost? Heavier, Bulky, akward cheap or Light, Slim, and costs more! Aluminium is light but not so strong, Aluminum Alloy is a whole different ball game. as you then move to the atomic level and put in place defects to stop the slip of atoms from happening.
Bigger is only better when it comes to aperature! Slim small light is what is needed everywhere else!