I've built 2 so I'll help if I can....
here's mine viewtopic.php?f=23&t=244788
First off decide what you want from it before you start doing anything but clean and rebuild it
is yours 700c or 27"?
I wouldn't bother rebuilding the wheels, unless it already has good true 700c alloy rims and good condition hubs.
To clean up bikes I use a combination of, gunk, autoglym engine degreaser, muc-off disc brake cleaner, t-cut, cheap car shampoo, and autosol. Halfords bike hut grease and finish line wet lube to get thing back into life.
Plenty of wd40, rags, maybe some beer and hopefully not too much swearing and they're pretty easy to strip down.
Most of the time you can put in more bearings than you take out, don't worry about it, theyre all like that. Label things and your good to go.
On the parts front, dual pivot calipers perform so much better, and are still 90's if not completely retro.
Tools, normal spanners, allen keys and skrewdrivers, then cone spanners, freewheel remover, crank puller, big adjustable and a chain tool.
Hope this helps