Studio lets you control pretty much everything in your camera, except IS.
Also something to be aware of is that as soon as you hook up the video cable to your camera it outputs everything that would be on the rear lcd to whatever the video cable is hooked up to.
When you push live view then it will output what the camera sees to your TV.
It sounds like you might not absolutely need to hook up the camera to your laptop for your autoportrait.
You could just use the TV for posing composure and then use it to review the picture just taken, though it would be at low-res.
Or you could just take out the memory card after taking the pic and review it on your laptop.
Or you could get that nifty cable from Olympus and use the tv for composing the pose and then review the shot immediately using Studio on the laptop. (Studio automatically downloads pictures taken to your computer)
Using Studio for camera control is nice since there's no chance of the camera getting moved.
Though i will admit i have tripped on a few tripod legs in my day
If you end up going the high-tech route be sure that "video out" is set to ON inside of Studio. Also be sure to have a fresh battery in the camera, in my experience live-view or sending out the video feed uses them up faster than normal.
Good luck and let me know how it goes or if you have more questions.