You will have to take the rotors off to get the studs out. This involves taking off both the calipers and the caliper brackets. The caliper bracket bolts are REALLY tight.
It's definitely not an easy job; you gotta get your hands dirty.

 

This is probably pretty close to the install process? http://forums.nicoclub.com/zerothread/157760

 

Awesome, that is what I was looking for!

 

That's the process. You shouldn't have to bend the heat shield, however.
Also, the rear rotors will surely be rusted/siezed to the hubs. Spray a little penetrant on the joint about 30 minutes before you plan on taking off the rear rotors. This will make life a lot easier.

 

Anyone got pics of spacers on a coupe w/ stock 18s? Before and afters would be GREAT!. THANKS!

 

Try the 1st gen. forum

 

Finally got mine installed and took some quick photos - installed 15mm Ichiba spacer:

Before: http://g35.fadainc.com/photos/g35_spacers%20001.jpg
Before: http://g35.fadainc.com/photos/g35_spacers%20002.jpg
Before: http://g35.fadainc.com/photos/g35_spacers%20003.jpg
Before: http://g35.fadainc.com/photos/g35_spacers%20004.jpg
Before: http://g35.fadainc.com/photos/g35_spacers%20005.jpg

After: http://g35.fadainc.com/photos/g35_spacers%20006.jpg
After: http://g35.fadainc.com/photos/g35_spacers%20007.jpg
After: http://g35.fadainc.com/photos/g35_spacers%20008.jpg
After: http://g35.fadainc.com/photos/g35_spacers%20009.jpg
After: http://g35.fadainc.com/photos/g35_spacers%20010.jpg
After: http://g35.fadainc.com/photos/g35_spacers%20011.jpg

 

awesome dude, thanks for the before and after pics!!! looks good.