Tools- this is subjective and you will get many opinions. If you can swing the $$$ for all Hudy, well you are going to be a happy man. But don't think you have to have Hudy.... I have a mix of tools (some nice, some cheap) and to be honest, this is one area where you can save a few bucks and be ok. I have some cheap Turnigy hex wrenches that are 10 years old and still do the job. I've been slowly buying nicer stuff as I go ( I like to have duplicates- a set for home and a set for the pit box) but the cheap tools I have are still enough for the job. Dynamite makes some entry-level tools that will work for not a lot of money.
Set-up station- My advise, if on a budget, is to look for the older Hudy (clear plastic / acrylic... not sure about the material) station. If you look around you should be able to get a used one for around 40-60 bucks. It's not too sexy looking but it works. I've tried some cheap SU stations with mixed success. Now I'm back to Hudy because it is just the most accurate there is. It's pretty much non-debatable. I got the machined set now but like I say the older / clear Hudy station is a good choice.