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In short, no. I would use the 3/8 bolts.
Maybe I'm thinking ovekill hear, but the problem with self tappers is that when you are setting them in they can easily stress the threads they make, and you don't know how much stress you've put on them because while you were drilling at full speed, the tap caught, self threaded, and locked the screw into place, usually that takes a fraction of a second, and unless you're in perfect control, you can easily stress the threads. once the threads are stressed they are easy to pull out. And you should never have to worry about sudden failure on a railing (afterall, what happens if a large person leans against a few years down the road). The advantage to a nut/bolt is that even though you may have to retighten them now and again, the nut has to come all the way off before the railing can fail. long before then I would hope somebody'd have noticed, and retightened.
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