G5's UTS is 160 ksi vs 90ksi for 316 stainless so yes you can reduce size somewhat. The tricky bit is that it still needs to match the rigging hardware so you have to retain a large enough size to allow for proper fitting.
I was think of GFlex epoxy to fill the void. I know of one person who has done this without issues, but it has only been about two years so I can't say for certain that it will work long term. No matter how much flex there is in the GFlex, it's still less than the slot holes that were there from the old chainplates.
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