Adding info to old thread...
I have found this very old thread and thought someone may be interested in some extra information, if they ever ran across it.
There is (or at least there was in 2003) a place called Wildhorse Station @ State Highway 118, Terlingua, TX 79830
I never stayed here, but looked over the cabins and of course they weren't five star, but they were nice little places to stay out in the desert.
I have stayed at the Easter Egg Motel/Hotel duplexes up on the hill. They were clean and the bed was extremely comfortable. I highly recommend them.
I have had friends who stayed at some condos in Lajitas. Very nice.
Between Study Butte and Lajitas, there are a number of places to stay.