NO!!! Do what you have to to get longer studs, even if you have to get ARP's. Is it worth a quarter panel or fender (or worse)?!
Your stock studs are 7/16" diameter with a 24 pitch. If you're only engaging 8 threads, you're grabbing less than 3/8" worth of stud. If 3/8" was enough, GM would have used 3/8" studs. AND you're stressing the very end of the stud, not close to the base. Maybe fine at low straight speed, but put a little lateral stress on that around a corner and you'll be wishing you changes studs.
Get 1-3/4" studs and they will work with both your new (beautiful) aluminum rims and your steel rims. PLUS you have the assurance of new (not 48 yr old) studs.
Your car looks great, lets protect it (and you)!
Scott