ORIGINAL: jester_s1
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.
+1. For anyone just starting out in modeling today I advise buying a 2.4 radio. It just makes sense to start out with the modern equipment. Most tools required to build that plane can be found in most homes. I used to raid my dads tool box and my moms sewing box for pins. There isn't a lot that requires buying right away. You can find a lot of stuff at the arts and crafts store like T-pins. I buy bunches of things at the dollar store and Harbor Freight but only as needed. Things like clamps and cheap tools.