Hi Michael,
This request comes up often enough so I plan to spend some time to make sure Subclipse works well with Studio. As it is now, Subclipse can be installed but most of its functionality is hidden away which makes the plugin useless.
What you can do right now is to create your own minimal Eclipse distro that bundles WireframeSketcher and Subclipse. You can do it by starting with "Platform Runtime Binary" which you can get here:
http://download.eclipse.org/eclipse/downloads/drops/R-3.6.2-201102101200/index.php
Start with that, install WireframeSketcher and Subclipse plugins and you'll get your distro which you can zip up and send around.