ORIGINAL: dbacque
The most important tool is an X-acto knife with lots of fresh #11 blades. Don't buy a 5 pack or even an 11 pack, spring for a box of 100 blades and toss them frequently.
A couple other tools I picked up over time was some stones. An Arkansas stone and an Indian stone. I keep two of the small ones on the bench and before each cut sesion with the Xacto knive, I give the blade a couple swipes. I use one or less blades per model I build. If I happen to break the tip off one, I grind the back on my tool gringer so the tip is sharp again. No need to throw them away, just dress them frequently and they will serve you well.
However, for covering work, after it has been ironed on, nothing beats a fresh razor blade. I guess that if you honed and stropped a #11, it would be OK, but a fresh razor blade is the only way to go for trimming covering. One of the guys in our club is a master at building models and he refuses to use single edge blades as they are "to thick". I have to many memories as a kid trying to cut the 10 cents commet kits with a double edge blade and how the LePages stung in the cuts. A single edge works fine for me.
Don