Yes, longer studs are needed.
The back story to this is that losing a wheel at over 60MPH is the mother of invention.
Luckily I had a pair of Hillman Imp axles & hubs on the shelf as spares.
A Hillman Imp hub is interchangeable with the Lotus hub except for two differences.
1. The Imp hub uses 7/16" UNF studs on a 4" PCD.
(Lotus hub uses 3/8" UNF studs on a 3 3/4" PCD.)
2. The drum centre locating spigot on the Imp hub is larger and therefor needs to be turned down to suit the Europa drum.
The pics show a Hillman Imp hub with the stock Imp 7/16" UNF studs.
The Imp stud holes were welded, the hub refaced and re-drilled to the Lotus PCD.
The ally spacer locates on the drum brake spigot . . and looking at the pic now, I could have made it a little larger in diameter, too . . oops.
The little rings you see around the studs are merely nuts turned down to locate the drum. With the stock Lotus arrangement, there's a plain land on the stud that locates the drum but this is lost when using the spacer.
This was all done before we had the interwebs so I just reused the Imp studs and obtained suitable wheel nuts - I wanted to get the car back on the road.
Plenty of people have adapted longer and larger studs - Land Rover Freelander?
You can also get longer (48mm) Triumph studs these days which suit the stock holes - link below.
https://www.ebay.com.au/itm/222988223478