If only going to run one season, I'd be tempted to reuse the same holes, at least the ones that are in good enough condition. The tearouts and really questionable holes I'd consider drilling the correct size hole nearby in a sound area of the track. Before I got too far into it though, I would fully install one or two studs in typical old holes, and tug very firmly on them back and forth (try to "bend" the shank of the stud, like if the stud tip dug into the frozen ground and the track tried to pull it along parallel with the ground) to see if there is any looseness or track movement in relation to the stud head or backer plate. I would expect that tugging on the stud would distort/bend the track somewhat but the track should return to shape. You could temporarily reinstall the old 5/16" stud in another hole to compare between the two.
I would not do what I described above if I was going to always "ride it like I stole it", or if I was some sort of snow cross extreme racer type. I also wouldn't do it if I was running a lot of high speed full throttle riding.
Another option that I would consider and evaluate, especially if I wanted to use the 7mm studs in the new track next year and save this season of wear on them, is to cut down the old studs to a better height and reinstall them in the old track. If the old studs are carbide tipped (and if there is any carbide left if they are old and beat up), it may be tough to cut thru the carbide but it is possible. Also, the carbide is only in the tip so if the studs are really long it may get cut off anyway. In either event, the stud tip could be sharpened on a grinder, and although there are special grinding wheels for carbide sharpening, a standard grinder could be used to sharpen the tip up to the carbide insert, as many carbide studs seem to lose their sharp point and are rounded off before too long anyway. Also, if there is no carbide remaining in the tip, stud sharpeners are available that are made just for sharpening steel studs, as opposed to using a grinder.
Might sound like a lot of work but it's been done before, and the work done now would save 1 season on the new studs plus save on removing the studs before next season if they are going to be reused.
No matter what you do, it's a good idea to make sure the tunnel protectors and heat exchanger protectors are installed and in good shape.