I'll throw some info into the mix here.
I was running 20+ PSI on a composite Toyota head gasket and blew it up. Detonation was the cause of my problems, blew the gasket out into the water jackets. I don't know exactly what power levels this started to be a problem, who knows how long before I turned it up to 20psi it actually started to detonate, and for that matter, I've never been on a dyno so I don't know what power levels I am running.
The spray that I like to use on gaskets is Permatex Brake Quiet - it comes in a spray can and is blue. I've used it on both composite and metal head gaskets.
My personal opinion is that the stock head gasket should be fine to at least 700rwhp - as long as the tuning is done correctly. A MHG is just extra insurance that lets you run lean enough to detonate for a little longer than a composite one, and DSMs run a 2L 4 cylinder turbocharged engine with stock headgaskets to well over 500hp at the wheels with no problems. Add another 50% displacement and we should be capable of over 700. The DSM crew also has easy methods of tuning to avoid detonation, which we have no access to, so that may play a factor.
As for head bolts / studs, stock bolts are fine to 72 foot pounds, and can theoretically be reused as even at 72 foot pounds they are still not torque to yield OR in the plastic region for their alloy. That said, ARP hardware is NEVER a bad idea, especially as it only costs marginally more than OEM parts from Toyota and is almost an order of magnitude stronger.