I was planning on it. I read some tips for riding in the rain (basically get some gasket maker for the gear and magneto cases). I also figure on getting a carb with an air filter and making some sort of shield for it. I'll grab some sheet metal to form a tube 3-4 inches tall and use a hose clamp to secure it around the base of the air filter. Should keep any crap from flying onto it without restricting the flow much if at all. There's also a video on how to make your own studded tires here.
As an aside, I'd probably also use machine screws so I could get nuts on them. With the motor on I could see those unsecured screws popping right back into the tire.