I wouldn't be at all afraid of the Milodon studs, I have not used them, but they are bound to be a great improvement over a stock bolt.
I would think .004-.005 would work just fine on piston clearance.
I have used a moly ring in some pretty high power stuff. I really wouldn't be afraid of it at all; a fair bit of the negative stuff you hear about moly comes from the early versions of the rings that had some issues. Then it gets repeated/regurgitated forever. Is it a 1/16" ring or a 5/64" ring? You definitely want to stay away from the stainless and tool steel rings, they are pretty hard on the cylinder bores.
I'm no engine builder, but hope this helps anyway.
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