Holding up the starter is certainly a bonus. However, the real reason for a stud is that it is impossible to use a bolt in that position. You cannot get a bolt with the same amount of threads as the stud into the hole. Access is blocked by the switch.
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1950 Chevrolet 3100 (Ol' Roy)

1939 Packard Standard Eight Coupe (The Phantom) | 1956 Cadillac Coupe de Ville (The Bismarck) | 1964 Ford Galaxie 500 coupe |1966 Ford Mustang (Little Red) | 1969 Pontiac GTO (The Dishpit) I 1979 Ford F-100 | 1976 Ford F-150 (Big Red) | 1995 Ford F-150 (Newt)