First, do the bolts holding the Ram Bone and gas tank to that part of the bike need to be replaced with longer ones, or will the existing bolts work?
No, they do not have to be any longer,
but... because you have a second gen bike, which is well known to come with tank hold down bolts made of soft cheese, I would recomend going to the local hardware purveyor and getting some bolts of the same size and pitch to replace them. They do not need to be any longer. You'll still get plenty of thread engagement with the RamBone in place, I would recomend finding some with a 10mm hex head rather than the allen head like the 2nd gen stockers to allow easy tightening without having stripped out heads in the future.
No locktite of any kind is required in my experience. You'll have those puppies on and off on a regular basis for under tank maintenence.