Well I don't own the 8.0 but I do have the 4.60 SE and it is the same chassis all the way around. As for your toolbox, you will want to have hex drivers, nut drivers and phillips head screw drivers to work on the vehicle. I would also recommend you get additional screws, washers, shims, and nuts in case you loose some either from working on the truck or something comes loose and falls off during your racing/bash session (get some blue locktite). Also get some additional turnbuckle ends as they will wear out.
For upgrades I suggest getting the RPM A-arms, knuckles, and pillow ball retainers, a tuned pipe and header, and the Forward only Kit (provided you don't want reverse of course) the FOC kit will reduce the rotating mass in the transmission and lighten the truck up a bit (the FOC kit has not been upgraded yet for the 8.0, so don't use the 4.60 kit). Any additional upgrades are up to you.
As an afterthought, you will want to upgrade the shock springs and shock oil, for shock oil the most widely used for the MGT is 50wt, for shock springs most people run the red (stiff) ones, or a combination of red and gold (medium) or red and copper (stiffest) depending on terrain type and or track conditions. Hope this helps and above all have fun
