A mild steel drawbar will not last very long. The threads will strip off. It would be better to weld a grade 8 bolt on the bottom or use drill rod and harden the threaded part.
Another approach would be to use allthread and make the top part so it screws on, with a pin through. When the threads wear out, screw the top off and put another piece of allthread under it. Cheap and easy.
Another approach would be to use allthread and make the top part so it screws on, with a pin through. When the threads wear out, screw the top off and put another piece of allthread under it. Cheap and easy.