Yea, that's the same reason I put on the clutch - tired of braking bolts and spending the time to replace them out in the field. I'm sure glad I'm not having to mess with those shear bolts anymore - definitely a big plus. If you decide to go with one (or multiple - depending oh how many PTO implements you get), I suspect you’ll be pleased too.
From a technical perspective, I suppose one could put a slip clutch on the tractor side of the PTO shaft, but I've never seen one done that way and all the "add on" versions I've seen are designed for the implement side of the shaft - but I’m the first to admit I haven’t “seen it all” with regards to SC’s. (Not talking about the over running clutches, as they are designed to go on the tractor side.)
The slip clutch I bought said to use the G5 bolts too - I suspect whatever brand you choose will give specific instructions on the grade - but something other than 5 would surprise me.
As far as the $160, well, seems like a rip-off to me. I think that I spent something like a total of ~$65 (including shipping) to get mine. It took about 5 minutes to install - and that included of using the hacksaw to reduce the overall length of the PTO shaft. Just seems like $100 of labor for a 5 minute job is a bit on the unreasonable side - but that's just my opinion.