Concerning study, one should gain a basic knowledge of Madhyamaka, and about the empowerments and their significance. Concerning meditation, it is always good to practice as much as possible. There were and still are successful practitioners who meditate at home, without going into long retreat. First learn as much as you can about basic Dharma in order to be able to meditate properly. If you proceed this way, especially in the West where people tend to be more secure in old age, you could have the opportunity to practice intensively later on in life, because you will have created the basis for it over your lifetime.
Faith comes from knowledge.
If you have no knowledge of the path, it is impossible to have real faith. Faith means knowing the way, having faith in your own knowledge. If you study intensively, faith appears spontaneously. For example, a blind person needs a guide whom he must trust completely. If you prefer to be blind you will always need a guide.