Wheel Studs

I finally found some 7 inch wide rims and some 205/60's for HRBYTOY. Now
what I need is some 7/16 studs. I know some of you listers have done
this upgrade. Mini Mania has them "on sale" for $3.40 ea.! Can I just go
down to my local auto parts store (no not PB) and buy 7/16 by 20 studs?
If so what length and what size knurl should I ask for? Also what size
drill do I use to fit them in my hubs. 

Thanks,
Bill Hunt
64 MKII Sprite - HRBYTOY