Agreed, that's why I wondered if the main benefit in such situations might just be additional fatigue life, which probably doesn't mean much in case of the Norton studs. I was thinking of the normal stretch you get from torqueing enough to get good clamping force, plus enough to handle the dynamic load (cylinder combustion pressure on the head, etc.), while still staying below the yield point of the fastener. It seems to me that having the entire stud with the same cross section as the thread root would distribute the tensile stress more uniformly, and the cyclical fatigue life will be increased.
But that's just my opinion, and I could be wrong. I've done some clamped joint analysis in the past, but never looking at this particular question, and that's what it would take to see if there is any benefit. Just not a high enough priority in my life right now. In any case, there doesn't seem to be any drawback from using waisted studs, except the additional cost.
On the other hand, if you're using alloy cylinders, the original argument for using waisted fasteners (different material expansion rates) should still apply.
And, of course, don't forget the bling factor
. Ken