Hi Jeff,
If by 'getting ramped back up' you mean that you've been away from the hobby, welcome back.
Yes, a good pair of sprue cutters is handy; I get mine from Radio Shack (called wire nippers or something similar) and a company called Xuron...they make small tools for the hobbyist. If you haven't visited their website, Micro-Mark has a lot of useful products. Similarly, a good set of tweezers has served me well. I have a variety, and they're from all different manufacturers. I haven't spent a ton on these. Likewise with brushes, at least half of mine are from Testors. Basic, solid brushes. I also visit craft supply stores like Michaels or A.C. Moore and get a pack of 4-6 brushes, spending roughly $7-12. I haven't yet seen a need to spend more than $3 on a brush. I've found that if you go below that price range, though, the real cheap ones will shed and aren't worth the money.
I haven't used putty for years, because I mainly use gap-filling super glue (cyanoacrylate, or CA). It's thick, fills gaps (up to a certain width), bonds pieces together (fast), and works with just about any material. But that's just me; I also have both Testors liquid cement in the black plastic bottle and in the clear glass bottle with the brush. The stuff in the glass bottle with the brush is just like water, and you just touch the brush to the mating point of two pieces. It will get into seams quick and begin the chemical bonding almost immediately, but doesn't set up as fast as CA. The glue in the black bottle is a little slower.
But back to the fillers, if you decide you'd like to go that route. I've used squadron white putty in the past, and found it to be acceptable, and it can be thinned with isopropal alcohol. There are almost as many theories on fillers as there are modelers, so maybe someone else will give their two cents. There's also Tools, Techniques, and Reference Materials discussion within these forums that may answer some questions for you. Look around, a wealth of info has been posted (that doesn't mean you can't ask questions, tho...).
Above all, enjoy. There are good builders and good people here, and it seems we're constantly learning something.
Dave
EDIT: I forgot about your Tamiya tapes question. I haven't used it, but have heard nothing but good things about it. 3M blue painter's tape and something called Parafilm M have worked for me, but again there are many theories on masking......I and some others have even used a product called Bare Metal Foil.