If an effect causes a permanent with station to become a creature by some means other than having the appropriate number of charge counters on it, it won't use any power and toughness values printed in its text box
The benefit of Tremaine's ability though is she gets around Ward and this card doesn't
If the spell has any mandatory additional costs, such as that of Embrace Oblivion, those must be paid to cast the spell
If you're in a removal-heavy meta and you know this weird card will get blown up before you get to put that third study counter on it, you might want to pass on Pursuit of Knowledge, but I like it enough to be willing to give it a try
Breeches, the Blastmaker I'm not sure what to make of Breeches, the Blastmaker
However, it does seem that Outlaws of Thunder Junctions different card and set code types have perhaps made things a little more difficult to understand than is necessary