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You'll need a vise and shaft vise clamp, too, to hold the club while you work on it. Do a Google for clubmaking videos and watch them. Start with the easiest - changing grips. Then to assembling clubs and removing shafts. You'll see it really is pretty easy, but it can also be easy to mess something up, too. I thought the trickiest thing to do when I was beginning was the first time I pulled a head from a graphite shaft.

As far as equipment, either Golfsmith or Golfworks will get you the basic equipment. Mitchell makes a decent loft/lie machine. Club Scout has a nice frequency meter. When you get into the more "serious" equipment, just remember you get what you pay for. If it's a lot cheaper than others, there's usually a reason why.