I thought about running with stock studs using a 5mm spacer in the rear but changed my mind after I did a test fit. I bought the H&R 5mm Trak+ kit for the rear and it came with longer studs (only slightly to account for the 5mm spacer). I decided since I autocross my car I would rather have the peace of mind having a proper length stud and installed the H&R studs. I bought a stud install kit from a local OReilly's and it worked great. If you're only daily driving you might be ok without them but it's a personal choice. It can be done, but I wouldn't feel as safe without adding extra stud length to make up for the spacer. There is still enough lip left on the hub to center the wheel as well.
It didn't really doing anything major for the handling of the car, it was more cosmetic than anything but I think it looks great and it was worth the $60 I paid for the spacer kit. The stud install tool was extra but made the stud install a cinch.