Val,
If you are going to use old bolts as sleeves to lengthen the prods, I would use 7/16" bolts. Rocker geometry is quite complex. As far as loss of lift etc from too short/too long prods, you could take measurements with a dial gauge etc v crank position to see just how much lift/duration is affected. It is swings & roundabouts. There are different theories. B3 racing engines has rocker arm correction kits for Mopars. A couple of years back, I got roasted on this forum for daring to point out errors in the Tech section of that website.