They don't all need studs, but they are notorious for breaking off in the head, according to the mechanics I've spoken to.
The trunk lid dose get a bit of rust where the black side supports meet the painted rear edge at the two bottom corners of the glass, and I think they feel heavy because the struts don't stay at full strength for long after new, especially since mine have been regassed once and are failing again at only 184,000 k's.
The steering is another point I'd look into, if its nice and tight your probably in luck as it may have a new/reco steering box and ball joints etc, if it is vague and loose you may need a new steering box to restore it to its origional feel. Mine is pretty vague and worn, but by no means undriveable.
The MR30 Hatchback is a great car!. I got mine for $2500 on road, and it has all the usual stuff including 15in alloys and AC.
Cheap cars usually always need a little money spent on them to get up to scratch, but don't let that detur you from buying one.