I'd highly recommend Dulcie M Ashdown's 'Tudor Cousins' on this subject.
Lady Margaret was apparently a flightly, unreliable sort of character, not really taken seriously as a claimant. She was outwardly a Protestant, but apparently had Catholic tendencies, like her husband. Their son, Ferdinando Stanley, was approached by Catholic conspirators about claiming the throne, but he sensibly reported it to the council. When Elizabeth I died, the technical heir to the throne was Lady Anne Stanley, Ferdinando's eldest daughter. I'll read up on this in the 'Tudor Cousins' book and tell you more later.
