There are some good videos on the RCU forums here, I think the kit Building forum may have some. There are tutorials, I have seen them but cant remember where they are exactly. Do a search for Monokote tutorials and you should find all the info you could ever need. Yes you need a Monokote Iron, it has a Teflon shoe and is adjustable in temperature. I would also highly recomend a Heat gun for shrinking open areas. It is a good thing to have a nice piece of glass 18X30 or so for doing nice smooth cuts and a good supply of razor blades, scissors and Xacto blades. It is really cool once you understand how the process works to cover your own airplane.
http://www.rcuniverse.com/forum/m_4385133/tm.htm from the Tips and techniques forum.