without getting technical, ARP studs provide better clamping force for the head to block for a given torque. Bolts will also work fine. Removing the head later is really no problem with the studs...you do have to get the head higher to get it off. Just take the hood off the car. Speaking of torque, use the torque spec sheet tha comes with the ARP hardware.
A caution - there is a lot more to installing a MHG on the 7M than choosing studs or bolts. The block/head both have to be resurfaced to the required RA spec, the front plate has to be machined w/ the block, MHG rivets may have to be removed, no spray sealer on a new MHG...getting the idea? There's more...do some research...it's all been discussed here.
Concerning 12 psi - you will be pushing fuel cut at that boost. Fuel upgrades are a very good idea, but not required...you just do not want to have detonation occur. The Lex AFM, 550 injectors, Adj FPR, and Walbro pump is a very common mod to do all this. A wideband O2 will tell you what the AFR's are doing...an AFC will give you more tuning ability.