Was hoping that a relevant E26 owner would respond by now. I don't own an E26 but race against them every Sat - for sure they are a good boat still. Comments are as below, trust are of use;
1 Have not seen any standing rigging of an E26 terminated at the deck like that using what appears to be a welded ss channel for the chainplates - nevertheless it could be suitable depending on the overall design.
2 As per E26 specs here the standing rigging can be main shrouds and fore and aft lowers, or main shrouds, aft lowers and inner forestay - most E26s seem to have the latter configuration.
www.endeavour.asn.au/eysite/wp-content/uploads/2014/03/spec26.pdf3 See the photos below of a typical arrangement. All chainplates are separate.
4 Your channel seems to be securing two shrouds - so maybe you have the mains, aft lowers and inner forestay and the photo is obviously showing the first two.
5 As you say that toggle design is not intended to be "squished" like that - rather fed down over the top of a flat bar stainless chainplate ideally with no welds, and the pin inserted. Instead of flat bar u bolts can be used but the flat bar is better. Bolt the flat bar or u bolt securely to suitable internal structure as per the original E26 design arrangement. Such an arrangement loads the pin mostly in shear with little bending due to the close distances between the 2 plates of the toggle and the flat bar chainplate between them.
www.ronstan.com.au/marine5/range.asp?RnID=4346 So squishing the toggle end like that will induce extra bending moment in the one toggle plate which is bent, due to the bend made after original manufacture.
7 Also the pin is under higher bending load than it is designed for due to the greater than designed distance between the upper channel flange in the photo, and the toggle where is sits against the lower in the photo channel flange. This creates an unexpected distance between the toggle and this upper in the photo flange, causing the extra bending moment in the pin. This is a concern. The lower flange will take more load than the upper flange due to the proximity of the toggle to the lower flange as compared to the upper flange. The pin will be loaded in shear at this lower flange area but shear and bending at the upper flange area.
8 It appears that the channel flanges are welded to the channel web which is somehow bolted through the deck and into suitable structure below. As above such welding in a chainplate is not as good as a flat bar with no welds but there are plenty of welded chainplates around which have been designed and fabricated suitably which are fit for purpose - chain plates are under fatigue load as well as steady state load and welds under fatigue have a lot lower fatigue resistance than parent material.
9 Perhaps you could include some more photos zoomed out showing the whole channel and the bolting arrangement under the deck. Does the welding look ok visually? No hairline cracks at weld toes? Are the flanges welded to the web on the outside of the corner joints as well as the inside - would assume and hope that this is the case making making a full penetration corner weld joint if the initial fit up of the plates allowed this. Are the toggle plates ok visually, and the pin? Visual inspection won't show a lot but if you clean the pin, toggle and welds carefully and use a 3:1 or more magnifying glass and torch you could find something. NDT examinations are needed ideally.