Is it possible to hang a bicycle from floating shelf bolts?
To properly analyze this you'd need a good drawing of the forces acting on the system (a free-body diagram). Without seeing that, and without knowing the materials you intend to use (ex. what grade fasteners, what size fasteners, torque values, what type of wood dowels, how the bolts secure the dowels to the stud, etc.) it's incredibly difficult to say whether or not it will work.

My biggest concern is not that the bolts will fail, but that the wood dowel will break in tension. I'd be worried about the area under the fastener head. If you can provide a drawing, I'll try to edit this answer to be more specific.