1/2" are stronger than 7/16" but depends on your intended usage. Racing I would use 1/2", street use probably not necessary unless you have a Wilwood kit that comes with 1/2" only, then just buy new lug nuts.
When I did my conversion, the front Wilwoods came with 1/2-20 studs. When I did the rears I pulled the axles and had a local shop drill and press in 1/2-20's so the front and back would match. No issue fitting the stock rally's I had or the TT-D's I'm now running.
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