A show truck finish is quite a goal. I wanted a factory finish, but due to my poor painting abilities, I have had to learn to cut and buff.
Welder if needing to patch panels. I know you say you only have surface rust but wait until you have the windshield out, and the floors uncovered. Start cleaning under side and you also might be surprised.
A good set of sanding blocks, Dura blocks six piece set is a good start.
Hammers and dollys are needed, but they can be a chunk of steel and a ball peen, up to a curved set of dollys and a body hammer.
Scrapers of all sizes if undercoated.
Sand blaster or grinders with different sized knotted brushes for removing paint and surface rust.
DA sander, this can be air or electric. I used a Porter Cable electric, with good results. If you go with air, you need a big, "big" air compressor, 5 hp or larger, you will need this also when you paint.
Paint gun. Harbor Freight sells cheep ones, but most body men that do custom paint jobs have one for primer, one for base and one for clear coat. adverage cost is $200.
Reams of sand paper from 80 grit to 5000 grit. A polishing orbital unit, with different foam pads for each level of polishing compound, I bet I have 1k in sand paper and the polishing unit with accessories.
Primer and paint are not cheep, I have at least $400 in primer, paint, reducer, hardener, and I picked a factory color which is about as cheep as it gets. A friend paid $2000 for just the paint, reducer and clear coat with hardener, for his Chevy 4X4. He went with a metallic.
This is just the beginning of the list, if you are really serious about a show car finish, I would suggest going to
http://www.autobody101.com/forums/ and reading for a couple of weeks. These guys are professionals and top end hobbyists that do show cars, custom body work, daily shop body work, etc.
I have been doing work on my paint job for over two years now. I bet I have close to 2000 hours invested, but I have had to do many of the parts two or three times. There is tremendous skills involved, and if you do as I did, you will have many trials and errors. Don't get me wrong, it is very rewarding when you finish and cut and buff out a part. But there is so much of it, it gets trying.
I have one more spray to complete the painting, then a week or two of cutting and buffing the cab and front clip, and I can assemble. I have been sanding the botched paint on this last spray for a month and a half, not that it is that hard, I am just tired of re doing something that does not look to be that hard.
I am not meaning to scare you, just want to prepare you. You can look at the link in my signature to see some of what is involved. I do have to say, I would have quit if not for the information from the great people at Auto body 101. They are to the painting world as IFSJA and Full Size Jeep Network are to our FSJ's.