Wire Wheel
A wire wheel is essential for derusting small to medium sized parts.  I have an antique one that works exceedingly well for this purpose.  A friend of mine has one that sits on a pedestal that I'd like to steal.  You can also mount wire wheels on a standard grinder.  Precautions: always wear eye protection and do not stand directly in front of the wheel.  If you are holding the part by hand maintain a firm grip.  Pictured is a coarse wheel mounted on the left, a fine wheel on the right.


Air Compressor
Size will depend on your intended use and budget.  If you plan to use air tools a bigger air compressor is essential.  An air gun attachment is very handy as well.  The size pictured above has been adequate for my purposes.

Shop Light
Essential for seeing your work.  I bought the one pictured above on sale from Sears.

Parts Washer
Also essential for cleaning old parts.  For solvent I use diesel fuel.  The one pictured above was purchased on Ebay.


Vise and Anvil
I have a medium size vise mounted to the work bench.  My anvil is a 16" railroad rail. 


Hoist
I use a cheap Chinese knockoff 1-ton hoist.  It has performed admirably so far.  Available on Ebay or from Harbor Frieght.

Some of the procedural descriptions below may seem obvious to some, but I have never seen anything quite like this for the novice.

Dismantling

Number one suggestion.  Keep all parts together in groups.  When I remove a part I put bolts/nuts/screws loosely back in the holes they came from.  If that's not possible I have a collection of plastic containers to hold hardware for each part (my favorite containers are the large mouth plastic jars that mayonaise or peanuts come in).  Do not rely on your memory to determine what goes with which.  After 3-4 months you will likely not remember. When I renew a part I inspect and replace the hardware as needed.

Parts Cleaning
Overall this is the most time consuming procedure of the restoration process.  If you were to replace every bolt/nut/screw with new ones, your cost would skyrocket out of control.  I am constantly amazed how well old fasteners, hardware and parts survive the elements.

Each part and its hardware goes through a process of scraping, wire brushing, and degreasing with solvent.  I let the part set for at least an hour or so to allow the solvent to dissipate, then I work on the wire wheel to remove any remaining rust and debris.  After wiping it clean with a rag soaked in paint thinner, it is then ready to be primed and painted.  The completed part gets put aside for at least a week to allow the paint to fully cure.

Body/Tub Manipulation
I use the chain hoist to flip the body.  Expect to set the body on each side, top and bottom at least 3 times.  I used four old tires to support the body when needed, which also puts it at an easier working hieght.  Later I built a roll-around frame that supports the body.