I've heard the same thing about leaking girdles but I've also read where people have solved that problem. I don't recall whether it was with silicone sealant, cork gaskets or what but I think a little research on any of the turbo regal websites will probably turn up a number of solutions.
I don't recall reading about problems with the studs (but that doesn't mean that people haven't had such problems).
If you go to the RJC Racing site, you will also see that RJC is now selling a crank scraper that will keep the oil from being slung onto the side of the block. I think that will go a long ways towards reducing oil leaks around the girdle as well (not to mention some minor HP improvements).
Good luck,
Buzz White in Houston, TX (sumnerw@flash.net)