Paul. IF you click the link below you'll view the complete information sheet that John Mummert includes for guiding those installing the longer ARP bolts or studs that are recommended.
http://www.ford-y-block.com/AR...
Looking back, production of the FoMoCo y-block began in the U.S. for the 1954 model year. For the engineers to decide in Spring of 1959 model year to increase the length of main cap bolts in the 292 and 312 ('59 & '60 Merc application!) engines was significant. Imagine how many 239, 256, 272, 292 and 312 y-block engine blocks had been made between 1954 and mid-1959 for the various Ford car, Ford pick-up truck, Thunderbird, Mercury, Edsel, Ford heavy duty truck, and various industrial and farm related applications. WoW!
A number of y-block engines being re-manufactured by FoMoCo or by Ford Authorized Re-manufacturers had to be found with some pattern of cracking' in the main bearing block webbing area, Extending the length of the main bearing cap bolts was a solution. Seemingly simple enough, but not without expense for FoMoCo to implement. Necessary OR wise to-do for heavy duty applications like big, heavily loaded trucks OR for those actively exercising their engines capability with acceleration, elevated rpms, or load pulling ability.
For those of us putting together anything more than a grocery-getter, if you're going through a pre B9AE engine block with main cap line honing, block squaring, cylinder boring, zero decking for pistons, rotating assembly balancing and the like, installing longer main cap bolts is something GooD to do. Studs are a little more effort to do, but . . .

.
NoShortcuts
a.k.a. Charlie Brown
near Syracuse, New York