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Should be enough room, if not just take the manifold off and drop it down a bit to give you more room. It won't come out without taking the subframe off.
Yeah, get the biggest nut you can find that will fit in the bolt hole and that you can still get a socket on once welded in place.
Weld the centre up fully, job done.
If you plan to run full slicks then yeah it's probably worth it.
You'll also have to think about bigger bearings and things, because the increased strain on them with slicks will kill them quicker.
If it's just for fun on track days, you have to think to yourself is it really worth it all...