As far as tools go. Don't buy anything (big stuff like power tools, compressors, body working stuff, machine tools etc.) until you NEED it. Tools have little or no lead time, and generally will be cheaper two years from now. The exception might be a really good used item that you find in a garage, going out of business, or moving sale.
The thing you might want to buy when you come across a good deal, is a refrigerator for, and additional lighting in the garage. I have nine, 4 foot double florescent lights in my garage and I could use more. If you paint, paint everything (walls, ceiling, doors) white. Floor? very light grey, if at all.
If you are going to use a used gearbox then I would recommend you have one of the gearbox rebuilders find a candidate for you. Source the entire power train from the same place. Gearbx, clutch, flywheel, starter, TO bearing, and clutch slave. This way you have someone standing behind the whole package. Ebay gearboxes from some guys totaled Porsche is yours forever the min you hand over the money.
Engines may be the sexiest piece but its not necessary to start working on the car. My guess is most guys could put in six months before they really need to buy a motor. Now a thought on engine suppliers. I know there are some good people out there BUT unless you REALLY need to have one of XYZ engine service's motors buy a crate engine from GM, Ford etc. Another thing, the longer you think about motors the bigger the power number you think you need. NOT! 450HP is perfect for a 2500 pound car on street tires. Go and get a ride in a 2500/450hp car and see for yourself.
Hard learned lesion. Think electric water pump. I say no more.
Your interest in gear ratios is very well placed. Gearbox ratios are IMHO the most important variable in this entire equation. Gearbox selection is the most expensive, time consuming, engineering problem to correct later if you are not happy with your first choice. My opinion is, spend money on the gearbox and save money on the motor.
Read up on the smog/registration process and rules in your state and be certain that what you build will breeze through the process. Prior experience's of SLC builds in your state are going to be the best examples. If there are no SLC's, then get with the GTM guys.