Its a great model. A lot to take on for a first ship model, but what the heck it is a really good one.
As for tools, really the same as any other plastic model like a car or plane. One thing not very important is an airbrush.
Yes don't use the supplied thread, if you can buy better stuff. Which is easy enough from quite a few sites, starting with Model Expo.
I would also throw out the sails, and in particular the boat covers. That's ridiculous for a whaling ship.
One final thought, for now. The gunport paint job may or may not have been on the ship during her years of service. It certainly was in her movie career and later static display, but for the most part and in photos prior to WW1 she was all black. Currently she's back to black, with white wales.
It would be a lot simpler to paint her hull all black. That's my plan when I get around to her.
The last major glitch may be the shrouds and ratlines. I don't know what you get these days. If it's a thick plastic part that looks like a piece of grid, toss them. It its something that looks like a net dipped in plasic, those are usable. Or there are other options too.
Keep it posted as you go.