We've used that product on threaded stud's threads before...it works...sort of. We found it makes a mess, so much so that we just stack a bunch of machine nuts on the stud to cover all of the threads and then take off the nuts when it comes back from galvanizing.
You paint that stuff on the areas where you do not want the galvanizing, then when it comes back from the galvaizer, you wire brush the area to get that stuff off. It turns to a chaulky, crusty sort of film that has to be removed with power tools.