I own a Studio. Even though it is a fine instrument and quite capable, it is questionable whether it will work for you. It depends on your RIP and how its printer drivers function, your printer's ink set, and exactly what you are trying to accomplish.
Here's my understanding of the issues:
Studio is able to create an ICC Profile which your operating system uses to color correct a CMYK printer on a substrate which is already printing well. (Whether your RIP can access that profile is a separate issue.) If, however, you are trying to set up an all-new material from scratch, or if your printer has more than four colors (CMYK+), then it will likely be inadequate.
The included X-Rite Studio software is the primary limitation to what you can accomplish. The Studio's software will create an ICC Profile file and install it into your operating system for CMYK (and RGB) printers. It does so on a smaller patch set than a Pro and its inherent hardware accuracy is somewhat less than a Pro (but likely better than a munki). It will not profile a CMYK+ printer; again this is a limitation of the Studio's software. I'm not positive about this, but I believe the profile it creates may not be accessible by your particular RIP depending on its capabilities.
Fully "profiling" an inkjet includes setting ink limits and adjusting linearization inside the RIP, in addition to creating the ICC Profile file (either inside the RIP or in the color device's software, again, depending on the RIP). Unless a color measuring device, either colorimeter (munki) or spectrophotometer (Studio or Pro), is specifically supported by your RIP, that device will not work for the first two steps.
In my case, the Studio device is not recognized by Roland Versaworks (even though the i1Pro and i1Pro2 are supported), and my printer is 7-color, so the Studio's limitations make it inadequate for my wide format inkjet needs. For full capability I require an i1Pro Publish. "i1Pro" is the hardware portion, and "Publish" is the software license level.
I don't know your printer's inkset and you didn't mention your RIP. Hopefully the above along with some more research on the capabilities and requirements of your own setup will help you decide.