I had an old Mechanical Engineer (and XKE150 owner) once try to explain to me why they should be torqued in; but it never made sense to me. And I note ARP says "finger tight". But I like to put a little bit of torque on mine, to ensure that they don't come out by accident if a nut binds a little.
I use tall steel nuts on the center studs (the ones with bridge pieces) just because that appears to be original. On the two outermost studs, I use brass nuts because my original steel nuts have broken studs in them /bcforum/images/%%GRAEMLIN_URL%%/grin.gif
But that was before I learned of the wonders of anti-seize, so I wouldn't go out of my way to find brass if I were doing it again today. (My local FLAPS had the brass nuts in a package intended for a GM engine.)