Yes you have it figured out.
The bolts are 5/8s or 9/16s thick & 3-3/8" is how wide they are. The 11.5" is just how tall they are.
I "could" be wrong on that but I want to say I'm right since that's the size we just put on a 90 dually with a 10.25 rear. Which when you consider is about the same as a 10.5 rear. I'm also using U bolts for a Superduty on my 93.
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