replacing head studs

You can get away with that, Id drain the block however to make sure you can get the threads clear of all fluid. Easiest way is pull one of the plugs on each side of the block out that is in the coolant passage.

Start at the outside bolts and go in a "x" pattern on the head to prevent warping. All lower studs need teflon or Permatex on the threads that enter the block coolant passages. The upper bolts just get moly lube on the threads, TQ the upper "longer studs" 5 lbs more then the lower

Rick actually means coolant. The lower studs pass through the water jacket.

Correct the lower bolts/studs enter cooling passages on the plug, the drain plugs are 1/8"NPT pipe plugs on the side of the engine block, they can be tricky to get to in the car but it's possible. Otherwise, pull the lower radiator hose and drain it down as much as possible.

With boosted set-ups or high compression set-ups it is better to TQ the longer studs a few extra footpounds for added clamp load.

As far as a worthy upgrade? Well studs have better clamping power but you could run bolts all day long in that set-up if you wanted to. I'd wait till you pop a headgasket or have to pull the head for a reason and then upgrade.