It's actually pretty easy...just know: it will be two separate reservations (no such thing as multiple rooms on a single reservation)...if you're booking w/home resort advantage (at 11 months) at SSR, you really should have no problem, but it does make sense to start by booking the studio--studios book up faster at all time at all resorts (generally) than other villa sizes. Even at 7 months out and even at T-giving, if you book right when your window opens you should have no trouble getting SSR...the advantage of being such a big resort!
Yes, you need a different "lead name" (or same person w/name described differently--e.g., John L Smith on one; JL Smith on the other) for each of the reservations. Consider just booking both villas with the one name -- you can add the additional names later (by modifying online, or by calling or emailing MS)...you'll save time booking if you just use the one name initially and that could make a difference (especially w/the studio) at 7 months...however, you really should find availability at SSR, even for studios, at 7 months...You can book w/your points as many reservations as your points will cover, tho, so both reservations will still be "yours." And, you can call or email MS later to specify a "travel with" notation which will improve your chances of getting the two villas close to each other. Good luck.