Ditch the standard lag bolts though, spend just a few cents more and get construction screws. If you have metal or fiberboard/cement siding pre-drill that, then let the construction screw do the rest, they are a Torx bit head and with a cordless drill they go in no problem as they are self drilling. A lot stronger than a standard lag bolt also. I have put a lot of mast mounts on for TV antennas with those, find one stud and get one side into a stud at least. I wish they would make them so they are 16" wide to grab two studs but they hold up well.
If your really worried or you want to run a little more mast/weight on it you can make a couple backer boards, a couple pieces of pressure treated 2x4 and drill and bolt the standoffs to the boards, i use galvanized carriage bolts and hammer them in so the head is flush on the back side, tightening them will also help draw the head in the rest of the way. Then you can drill them for 16" centers and go direct into the studs. Finding the studs is easy depending on your siding. If you have a face nailed siding just go by the nails in the siding, good installers will go into the stud locations, if you have vinyl siding you can get a removal tool to pop up a bottom of a piece and look for the nail locations and also run a stud finder around to find them, that is if you don't have foil backed insulation which will give a false reading on most stud finders.
I also started using 2x4 poly wood from Menards for these, they come in a few colors, never need to be painted etc. Its the same material as vinyl siding and works great. Do it once, do it right, and your done! If you want i can take a picture of one of my installs as an example.