Howdy Melissa!
Let me begin by WELCOMING YOU TO THE DISNEY VACATION CLUB!!!!!
I have thought a lot about your question and I have asked others for their input as well.
The answer...absolutely. 4 of you can definitely stay in a studio at
Bay Lake Tower at Disney's Contemporary Resort.
However, if you have the points available and if there are villas available, you might want to consider the 1-bedroom villa.
For full disclosure, I have become 100% "spoiled" since becoming a DVC Member. I love the additional space, full kitchen and (most importantly) the washer and dryer that you will find in the 1-bedroom and larger villas.
One of the nicest things about the 1-bedroom villas at Bay Lake is that fact that you have 2 full bathrooms. With 4 women, the additional shower, etc. might make your time spent in the villa getting ready each day much more efficient and enjoyable.
Have you booked either a studio or 1-bedroom as of yet? Bay Lake is very popular and can be difficult to book at times. Be sure to request a waitlist for the villa(s) of your choice if you don't initially get the villa type of your preference. You never know what may open up. I have had waitlists clear before in the past.
Please let me know what you decide to do. If you have any other questions, please let me know.
Because you are thinking about Bay Lake, I want to mention the Top of the World Lounge. It's a wonderful location to experience the Magic Kingdom fireworks! If you enjoy adult beverages, I would highly recommend the Blue Glow-tini. Yummy - and fun!!!
Thanks so much for your question Melissa and once again, WELCOME TO THE DISNEY VACATION CLUB!!