I've also just recently got back into the hobby and cut my teeth back on the 1/48th Monogram kits, here's a few bits of advice:
Paints:
I use Testor's Model Master for airbrushing and some hand brushing. They airbrush well when thinned and the colors are accurate. I use the 2oz squeeze bottle craft-store acrylics for a lot of hand painting (figures, cockpit interiors, etc). They're cheap and dry fast.
Adhesives:
For assembly I use liquid cement, the kind you brush on. It's not so much an adhesive as it is a welder of the plastic parts. FSM has had a lot of articles in the past on how to use this stuff. I never use tube glue, althought some prefer it for stronger bonds. The liquid cement when applied right fills seams and makes a great bond. Hold the two peices lightly together, brush the cement on, gentely squeeze the parts together and then hold or clamp tightly. The plastic will melt and just barely squeeze out of the seam. Trim away the excess, lightly sand and whala!
I use superglue in those 1/2oz or 1/4 oz tubes as an alternative adhesive and gap filler. It's fairly cheap, about $1 per tube and I use about one per model. I will often reinforce joints (like the fusalage seam) from the inside with superglue.
Use standard Elmers white glue for applying clear parts like canopies.
Accesories:
Superglue per above fills small gaps and sands easily. I also use a little Squadron green or White putty for larger gaps.
A hobby knife, X-Acto with #11 blades. Also a sprue cutter to cut parts from the sprue. Tweezers, cottong swabs (the kind you use for cleaning out your ears for whiping small stuff away). Paper towels, Sandpaper in finer grits, I use a green nylon Scotch dish claning pad for a lot of medium-fine sanding.
Other stuff- Future Acrylic Floor wax- the best gloss clear coat you can buy. Dip your clear parts in it. Spray a coat before decalling. Decal Setting Solution (Microscale). Rubbing Alchohol for whiping down your model before airbrushing and thinning paints.
I keep bottles and bottle-caps that one would normally throw away for mixing paint and stuff.
Kits:
As I said, I grew up with the 148th Monogram kits. They are great bang for the buck but do suffer from raised panel lines and frequently poor fit. I still build them (and they've gotten bettter) but my tastes have become a little more refined for Hasegawa and Tamyia. They cost more but are beutifullly thought out and engineered kits.
I hope this helps. These are just a few items off the top of my head.
"I love modeling- it keeps me in the cool, dark, and damp basement where I belong"
Current Projects:
1/48th Hasegawa F-14D- 25%
1/48th Tamiya Spitfire- 25%