Be careful with the number of Life Flowers you have in your store because the Study Circle may drop a whole bunch of them, not just one. If you are already at or near the limit of 99, you'll lose some of them.
Learning from experiences gained playing the Hidden Forest storyline, where I purchased four Forest Wisps, I went ahead to get four Study Circles. Having them really takes the pressure off completing the special time-limited tasks. I'm not desprately seeking Fangbeasts or frantically chopping Aspen Trees