You were on the right track with the varying pitch on the studs. Think of it this way. A threaded fastener is an inclined plane wrapped around a cylinder (technical term: "screwed"). A fine thread will be longer with less slope, where a course thread takes a shorter path with a greater slope.
Lets say you wanted to generate 1000 pounds of clamping load. That means you twist the wedge to the point the inclined plane has 1000 pounds exerted on it.....
To make that easier to mentally grasp lets unwind the threads and put a 1000# weight up the ramps. The shelf is 5 feets high so the course thread will be at a steep angle from being so short. It will be a bitch to push the weight up the ramp because pushing the weight forward (parallel to the ground) will put 1/2 the pressure into forcing the weight against the ramp and 1/2 actually sliding the load (huh huh, ''load''. huh huh)
Now for the fine threads.... The ramp is the same 5 feets tall but it's very long and only at a 20 degree angle. Since it's much less steep, it's easier to push the weight as most of the energy is spend actually moving the load. So you can achieve the same force with leff effort. Granted you have to walk further (more degrees of rotation per pound of clamping force) but your metaphoric nuts don't 'splode doing it. (huh huh ''doing it''. huh huh)
What you find is it take less torque on the wrench to generate the same clamping load in a frictionless environment. Since we don't use super anal-eze or my spit, there's going to be friction. With that limitation, clamp load = torque reading - drag. The finer threads have less drag so you can have more clamping force with the same amount of rotational torque at the tool. (huh huh, ''tool''). That's also why adding a hardened washer slathered in moly under a stock replacement bolt helps too.