Hi Eric,
There's a whole new world for you to learn but don't fret, it will come in time. I have a Badger 105 which I am fairly pleased with but there are several makers and mutable models to choose from. Check out https://sites.google.com/site/donsairbrushtips/ for info on the various types.
On paint, while MM is diverse they do not make all the colors you will eventually want to get. Since you are in acrylics right now you may want to give Vallejo a try. The brush great but spray terrible without the proper thinner mix. Vallejo does make Model Air which is meant for spraying.
There are several types of paint for basic starters
Lacquer, sprays great brushes terrible.
Enamel, sprays fine with the proper mix of thinner, brushes fair.
Acrylics, sprays fair with the proper mix of thinner but will tend to tip dry which means it dries right out if the tip (there are retarders for that though), brushes ok.
Then you get specialty metalizes like Alclad. Very touchy paint to work with.
For tools Bish covered the basics but you probably already have an Xacto knife with a no 11 blade, a good set of brushes, toothpicks for applying small amounts of glue etc.
As far as glues there, again are several types. Here is just a sample.
· Polystyrene cement. which actually welds the plastic together
· Cyanoacetate "CA" ('super glue') which bonds the join.
· PVA adhesive or white glue which is good for canopies and other clear parts. PVA does not hold well though so don't use it for holding the model together.
This is a start, don't hastate to ask questions but use the appropriate thread when you start one. This will help you get answers.