I would avoid PT as a greater level of cleanliness is required than for MPI. Its generally difficult to remove enough PT from the threads, and overcleaning will probably occur.
Having said that, if you want to try PT, avoid the solvent removable method as there is too much drama involved with the cleaning process (this is the same liguid found in dye packs used in banks).
At the end of the day, MPI is a superior method for this application, and coupled with straigh beam ultrasonics, will provide the best detection of cracking.
One final note, a variant of phased array ultrasonics would provide the highest level of detection, but would be cost prohibitive--by the time you get the calibration standards (effectively the same studs you will be testing) and perform the test, the cost to replace the studs will be less than the testing involved. And, after all that, you still have used studs that will probably not last as long as you want them to...