From the original release notes:
MinSkill is the minimum amount of skill required in that skill before the item is usable.
MaxSkill is the maximum amount of skill that the player can have in the skill and still use the item.
Ouch is the fatigue factor. Deals damage to stamina and hits during study.
StudyTime is the amount of time between study attempts. (when to resend the gump)
MinSkill and MaxSkill are setable in-game, using the item props, as well as Ouch and StudyTime.
During the StudyTime delay, the bool value Studying is set to true. While Studying is true, players cannot doubleclick the item for a new gump.
Due to the way this works, only one player can use the item at a time.
Players must be within 2 tiles to use.