Noone has pointed out that you will need to do some minor grinding on the block to get the girdle to fit - instructions are on Kiggly's website.
The head studs threading in deeper doesn't make a huge difference, since only 3-4 threads take almost all of the load on the bolt, unless you actually yield either the stud or the block, both of which are bad. This is why a nut is can take just as much load as a threaded hole. A deeper hole just lets you align the bolt/stud a little better. Any advantage it does provide is minor compared to a larger thread or a stronger stud material.
The reason Mitsu went to smaller 11mm bolts is so that they could use torque-to-yield fasteners with the same preload as a 12mm bolt and a less expensive alloy. They also engage more than 3-4 threads on the block, something that normal fasteners or even ARP studs do not do, which means that on a 7-bolt, the stock bolts are actually less likely to rip out of the block than ARP's even though they will run out of preload sooner (meaning that the head will lift). Mostly a cost issue (heat treated bolts aren't cheap from a manufacturer's standpoint - Example, OEM replacement fasteners can be had for $33 for the 7 bolt compared to $40 for the 6-bolt Even if it only costs half that to the factory, $3.50 per car is significant when you're selling millions of vehicles)