Hi Lin,
Replacement is a very good idea. From the reports I've read, failure/loosening of the studs is one of the most frequent causes of roadside "outages". This is one of the most critical & highly stressed parts of the car.
To do this job correctly, the axles, hub/bearing carrier, should be removed. Big 8 sided nut - LH thread on the LH side.
The old studs can be pressed out of the carriers & new studs inserted. While the carriers are off, remove the bearings & inner seals, check or replace the bearings & install new seals. You will need to make a couple of bearing & seal removal tools. Hardwood or aluminum will work.
Torque the large nuts to 80 lb/ft or more. Preferably much more, like 160. Use new axle to drum gaskets & O rings.
Use NEW self locking drum retaining nuts torqued to 55 lb/ft Plus Blue Loctite.
I personally feel that pressing the studs allows for more controlled/precision stud removal & insertion. DO NOT try to drive the studs out of the carriers with the carriers attached to the axle ends.
D