Sounds like you have a ton ahead of you man... I am in the same boat here. Miller welders are very nice and the nicest welders I have ever used. Lincoln welders are nice as well but I prefer Miller. MIG welders are very good and you can weld a wide variety of things with one and good for just starting. ARC welders I don't see used a lot anymore unless it's on big equipment and lots of people aren't too good at using them. I like welding with ANY kind of welder including ARC welding. I just practiced with an ARC welder before ever trying to learn to weld and got good at ARC and wen't to MIG, etc. Welding can be fun as hell. Also on air tools I like Ingersolrand or National Detroit (sp). Get a big nice air compressor even if you have to pay an extra 500 or more on one and have to spend somewhere in the thousand dollar range. Get a good spray gun something like a DevilBiss, Sata, Sharpe.
Go to www.spraygundepot.com and check out the DevilBiss Fineline pro gun with the 4 different tips. It's 300 bucks I think but supposed to be a badass gun (I am ordering it real soon).
If I were you I would look into a local community college. If you go to one then remember this... You will get what you put into it. My dad took welding classes there and almost everyone dropped out of the classes and my dad and another guy were the only ones left and that was it. If you don't try and not care you won't learn nothing in it and the teachers won't even bother to help you, if you try then you will do good and get tons out of it. My dad said that it got real boring to the point where every day they just kept welding over and over doing the same ol welds, etc. Well if that happens just think of it like this... You are getting to use the schools welders and metal and get to practice with it all for FREE!!! If you dread it and you are welding just because buddy of yours or someone you saw does it and you wan't to be able to weld like them too then your doing it for the wrong reasons in my oppinion. If it were me I would not get bored of welding. In my metals manufactoring classes last year we were supposed to learn how to use bridgeports, all kinds of lathes, anything and the welder was off limits but I asked the teacher to let me weld and I learned how to do everything in there and then went to start welding and did that every damn day. I got a lot of practice out of it and same with using machines and to me that's better than practicing on your hot rod and have a chance of screwing it up.
For metal working tools I suggest some dollies and hammers. Eastwood company has a couple nice sets. One set in the 60 or 80 dollar range and another one in the 350 dollar range or more. The 60-80 dollar range is good enough.
www.eastwoodco.com
www.spraygundepot.com
www.harborfreight.com
www.toolsusa.com
www.houseofkolor.com <--- Tips on painting there.

The forums here will help you HEAPS as well. People here are very nice and helpful. Some are more grumpy than others and will joke around a lot but that makes it that much better.
Hope I was of some help to you and good luck. If I think of anymore tips to help you out then I will post them up.