Because it's cast iron so would rust extremely quickly with nothing to cover itSo as not to blow the faired profile away? I actually don't know.
I'd thought of dropping mine to take a good look at the studs, but since its lead then they're no doubt J bolts cast in place, I can't really inspect past what's poking out.
I'm interested to find out how far off square your keel / rudder are. What do they use a reference point?
You have to align everything with everything (chainplates, deck collar, mast heel, rudder bearings, stem etc) and after a few goes around you figure out what is straight and what is not. Ultimately the trailing edge of the keel was a few cm off centreline and the bulb was a few cm over to port. Thankfully the rest of the boat seems straight so the new rudder bearings can go where the old ones were and we can fix the keel alignment by rebedding the bolts.