Welcome to CHR Brandon. If you don't know, it's not stupid to ask. It's only stupid if you pretend you do know and don't ask!!! I'm not a chebbie guy, but I'm sure a bunch of them will be along with their opinions.

As far as the tools go, you might want to start with a set of Craftsman tools from Sears. You will also need a 3 bolt puller for the harmonic balancer.

You will need some new parts and some machine work, at least a good valve job. An overhaul kit for a chebbie can be had for around $150.00. You might also want to pick up one of the "how to rebuild your small block chebbie books available either on line or at a book store.

Good luck, have fun, and ask all the questions you want !!!!