I'd definitely recommend another radio. A 2.4 Ghz computer radio won't cost much more, but it will make fine tuning your airplanes a lot easier and allow you to use the same transmitter for multiple airplanes. With that basic transmitter, you'll be shopping for another one as soon as you're ready to own a second plane. I have the Airtronics RDS8000 and can vouch for its value. The Spectrum DX6i is another option at close to the same price.

As for tools, as a bare minimum, you'll need a flat building board (nearly flat isn't good enough. It has to be perfect), a few dozen push pins, various sanding blocks and sandpaper, a big and small square, assorted clamps, an Xacto knife and lots of blades, a razor saw, a drill (preferably drill press), assorted screwdrivers and allen wrenches, CA glue and 1 hr epoxy, and a covering iron and heat gun. Alternately, you could buy an ARF trainer for about the same money you'll spend building a kit and save the kit building experience for your second or third airplane after you really know what it takes to have a nice flying airplane.