I see those little studs in the service manual. I have had dozens of clutches and Muncie/Borg Warner transmissions out of GM cars over the last 45 years and didn't know those studs existed until your thread. So in a nutshell, they are not necessary, that's for sure. They might make installation slightly easier if doing it by yourself. As for the "Real" purpose, here it is. When you install the transmission, the only thing that pilots the trans is the pilot bearing and the front bearing cover on the trans into the bellhousing. If it's not fully installed, the transmission could bind slightly and possibly bend the clutch disc if you don't get it seated quickly and get a bolt in the transmission to hold it all together. The alignment pin may help take the weight off the whole assembly while your pushing it together. Nice little trinket, but certainly not needed. You can make a home made one by getting the proper length bolt and cutting the head off it. Simple as that. Good luck putting it all together.
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