Long wheel studs are required by the NHRA which is why all race cars have them.
Your street driven car needs a wheel stud that is long enough to pass through the nut (unless it is an acorn style for appearances). The threads have to stick out half of the tickness of the stud to hold the nut in place (this is true of every nut used on a threaded stud). So a half inch wheel stud requires a quarter of an inch sticking out above the lug nut to provide maximum clamping force.
The face of the lug nut has to match the wheel. Aftermarket wheels generally use a flat nut with a flat washer under it to prevent galling the aluminum face of the wheel. Steel wheels use a forty five degree conical face to center the lug nut on the wheel to draw it up true to the central hub. Never use a stock steel wheel lug nut with an aluminum aftermarket wheel, even when reversed to have the cone pointing out.
Note all steel wheels are held on by lug nuts, but the weight rides on the machined central wheel hub. It is a tight fit which is why the wheel has to be rocked or kicked to get it off the central wheel hub. Aftermarket wheel have all of the car's weight riding on the wheel studs: which isn't how he car was designed to operate. This is why a lot of wheel studs break with use of aftermarket wheels.
Why do aftermarket wheels have such large holes (both lug nut holes and central wheel hub hole) where a tight fit over the central wheel hub is required? Because they can make more money by having a universal fit wheel; that doesn't fit anything. With one wheel fitting many car models, years, and stud sizes according to their catalog they save money on inventory.
Big Dave