Less sleep isn't the answer its getting better organised and using better study skills so that you get what you need to get done during the hours that you have available.
What out for having to do things so perfectly that you spend too much time on them. The book The 80/20 Principle: The Secret to Success by Achieving More with Less By Richard Koch is well worth a read, if you find yourself spending too much time on a project.
Mediation and removing stress from your life are the only real effective way to reduce the need of sleep. In some ways you'd be better off getting more sleep not less if you are having trouble with your studies. Let the brain come up with solutions while you sleep. Not getting enough sleep will make learning/studying more difficult and more time consuming than necessary.
Alex
