The kernel only is not that much useful to you; you'll probably need some shell and a working compiler if you want to test things first-hand, and these are not part of the kernel.
There's a distribution called Linux From Scratch which basically allows you to install the kernel and then whatever other stuff you want, literally from scratch (as in, by compiling stuff yourself and only adding what YOU want)
I am wondering though, what is it exactly you want to study and how does having a distribution affect your studying of the kernel? (Yes, some distributions ship custom kernels but the major features are almost always the same)