Was wondering if it would be possible to use studs in place of bolts in the block to bellhousing holes, maybe it would make it easier to line things up?

Pulling the tranny here in an hour or so to replace the rear main, so I figured it might make things easier in the future and on reassembly

 

The bell housing lines up easily, there's 2 pins to get it lined up. If you're installing the tranny/bell housing simultaneously, I'd suggest you separate the two. The tricky part is getting the tranny to line up on the bell housing.