Martin: From memory the thickness of the test piece was around 12mm. However, as I understand it when a bolt is tightened it stretches slightly, so that only two or three threads carry the load, irrespective of the overall length of thread. The key calculation is the shear strength of the internal thread versus tensile strength of the external thread core. Generally shear strength is greater than tensile strength, so the bolt breaks before the thread strips. That's why you can use an ordinary nut with a high tensile bolt. It also means that small diameter, coarse threads are especially weak; the classic is the US 6-32UNC thread. Remember also that taps tend to extrude slightly as well as cut, so the engagement is often a bit larger than might be expected.
As always there are caveats; one also has to look at the crushing load per unit area on the thread surface, particularly important for fine pitch threads, where the bearing area may be small.
For fine pitch threads I may tend towards 65-70% engagement, particularly for the ME 40tpi series. On the other hand, for stainless steel I'll often go to 50% as it can be difficult to drive the tap otherwise.
Regards,
Andrew