The studio tour is available several times every day and includes a non-televised slime-time style show at the end (a dozen or so kids and adults get picked to play games but only 1 kid gets picked to be slimed and another gets picked to taste gak and slime during the tour, the rest are the "audience"). Even though it's not Slime Time Live, it IS a lot of fun, and the kids get to see how a studio works including control rooms, and the prop and make-up departments.
For the REAL Slime Time show the most reliable way to find out the schedule is to call Universal guest services or the audience center.
When they ARE doing a taping be prepared to spend a good part of your day waiting in line for tickets and then waiting again for the actual taping, and that is just to be in the audience bleachers. If your kid wants to audition to be a contestant it can take even longer. If they are filming outside you can usually watch from the crowd on the outskirts without tickets or waiting.
When my daughter got on the show it took us from about noon till 7pm with about an hour break between the auditions and the taping. She got creamed in the Shaboozie and later when I asked if it was worth all the hassle she said OH YES!!!
I have seen posts from others that got picked right off the streets of the park and got right on but I would not count on that happening.
For the best chances of getting picked do NOT have your kid wearing a Disney or other logo-type shirt unless it's a shirt from Universal or IOA-
Also when they tell your kid to make a silly noise, or shout, or jump up and down, or whatever tell your kid to really go for it, they want great enthusiam to to show! Not the time to get the shy giggles!