The 2 big nuts are to stop clutch overthrow, I think this would only happen if you "pumped" the pedal a few times. i don't have any as they don't make my car go any faster
The spring in the shot just pulls the release bearing back, if the arm is worn then this setup is better as a correct adjustment would not bring the release bearing off the clutch correctly.
I suspect the set up would also allow a tighter adjustment, this would result in a longer throw and better feel.
I would still recommend anyone to replace worn components of the clutch before doing dodgy stuff like welding longer pushrods, bending arms etc.
Daniel