So Blood Study is as if one used gave the version of Bloodlines where the levels of Bloodlines count as regular levels for determining if said character is epic or non epic(Above character level 20th) ?

What if the variant is used where one simply pays EXP cost at appropriate levels but they do not take up said levels for purposes of determining if said character is epic or non epic? Would it simply force the character to not level up until they pay up said EXP cost, when Bloodline is given through this feat?