Well, everyone usually does 5 or 6 subjects in the VCE. Of these, your score for an English (which is one of English, Lit, ESL or English Language) and your 3 best subjects is added up, plus 10% of the score of each of your lower scoring subject/s. Each score is out of 50, the mean being at 30. You probably know this already.
Scaling is something many people have issues with. Basically, if a subject is very competitive and is therefore harder to get a high score in, the score for that subject is scaled up. Examples of such subjects are methods, spesh, chem, and lotes (although lotes are scaled up even higher than what they would be as determined by competitiveness in order to encourage students to do lotes). Subjects where there is little competition and it's somewhat 'easier' to get a high score are accordingly scaled down. What happens is that VTAC compares what kind of scores students, on average get in a subject relative to their other subjects. For example, if people doing Chem get a 35 but are scoring say, 40 in English then VTAC reasons that chem may have been more difficult to score well in and therefore a 35 in Chem may be worth more than 35 and will accordingly scale chem upwards. This is a really crude example, but that's basically how it works.
Your school has nothing to do with what study score you get or how much your score scales up or down. It is somewhat easier to get a high study score if you go to a 'good' school, because the SAC moderation process will be less harsh on you. SACs are basically moderated by the exam scores of your cohort. The person who has the highest SAC score will be awarded the highest exam score (roughly) as their SAC score and will then have their own exam score. The person ranking second in SACs will get the second highest exam score as their SAC score and their own exam score, and so on. I should note that if the person ranked second does better on the exam, the person who is first in SACs isn't 'stealing' the other persons exam score, rather, their SAC score is adjusted to be the same distance from the mean as the top exam score (if that doesn't make sense, just ignore that sentence). So, if you're in a very smart cohort and everyone does well on the exam, then ranking highly in your class will mean that your SAC score will also be very good. However, if you are in a poor class, you will need to both rank high in SACs and do very well on the exam in order to get a high moderated SAC score and therefore study score. It just means that those in poorer classes have to make sure that they are ranked first, whereas those in strong classes don't have to worry about ranking as much (but should still try their best anyway!). This has absolutely nothing to do with scaling though.
It is possible to get a 50 without being ranked first in your class, however, your class will probably have to be very smart for this to happen. So, if you rank second in SACS, and the person who is ranked first gets a very high exam score and you get a perfect or near perfect exam score, then it is very possible to get a 50. This isn't really the norm though.
I hope that's not too confusing, it's sometimes quite difficult to explain these things, so if you have any other questions please do ask them.