Yes it's fine.
Do yourself a favor. If you are spending the time to properly frame and build a home theater, take the extra 15 minutes looking for straight studs. Some of the studs at HD can be exceptionally warped.
It's not rocket science either. You don't need perfection , rather just avoid terrible.
May want to pay a few % more for the premium studs (usually D Fir) which will be straighter and have better edges.
Just picked up 10 from Lowe's today and 10 of the first 11 I picked up were very straight and full boards
the 11th board had a slight crown that would have been acceptable for framing (I'm building furniture so choose another)
Bottom line usually there is a layer of crap on top. Depending on my mood, sometimes I just make a new pile of the crap on the floor, so they can pick them up again. The next person who comes along can go right for the crap or choose the good stuff. If everybody would just put the crap on the floor they would get tired of picking the crap up and put it in the cull pile.
Also be sure to store them on top of something like a plastic dropcloth and so they don't absorb moisture from say, a concrete floor. Secondly, keep them stacked up so there is some weight on most of them. I may or may not be speaking from experience...