In your position, I'd use hand tools.
But I would make the slot the right width to fit the studs and get rid of the awkward step and use washers under the clamp knobs instead.
Alternatively use a wider slot and make stepped washers, if you have a lathe.
<edit> it seems the studs are 'loose' in which case, Paul's alternative will work fine.
Neil
Edited By Neil Wyatt on 03/09/2019 10:41:16