Considering the condition of the engine, you are probably not loosing much if you cut the studs off, then split the cases. You may still end up cutting the pistons though. A previous comment about possible stretching the rods should also be considered.
What are you actually trying to save here though? The crank may be usable, but the cam and lifters are also probably damaged, the rods are suspect, as are the bearings. The valve gear will need careful inspection as well. To judge from the photo of the front sprocket, there's probably not a lot of usable bits left on this engine & gearbox.
Seems like a lot of work to avoid simply sourcing a better example from Fleabay or similar.