I dont know about the studio, but I have tried several times, its a bit like trying to get blood out of a stone.
You need a good business plan and proposal, I think that the art needs to be azessable to a large areas of the public, as well as helping to promote the arts Councill.
They seem more interestet in experimental, and abstract pieces than anything else.
I produced a DVD on Plymouth artits last year, but they would not help me.
If you right to them or phone them direct they will send you an information pack on grants,dealines and what they support.It is split in to regions so choose the one near you.. All the best with your project.