Needless to say, I'd get a bit carried away in any hardware store! However, an air compressor is definitely next on the list and some shelving of sorts--Round 2, here I come.
Tomorrow I'll be having a crack at lifting that engine out of the bay and starting to cleaning her up on the inside. I've still got to figure out how to remove all the sound deadening and just cleaning up the interior flooring in general.
Getting carried away is the best bit. If you're anything like me, and a few others on here by the looks of things, make sure you get enough space in the toolbox and bench for significant future purposes. Nothing is worse than spending $50-$100 on something that is good now, only to have to go and spend $200 to replace it in future with something bigger.
I also highly recommend quality tools. I'm a sucker for Kincrome myself, but buying anything of lesser quality than say stanley or SP tools or similar is really a waste of time, you WILL have to replace the tools, at great nuisance and usually damage to something else as well. Bunnings do some kits, but a specialised tool shop will have a much bigger range. I know the 'Tool Shop' in Osborne park stocks a range of tools called something like Trade Mate that I have a bunch of. Look IDENTICAL to kincrome at 1/3 the cost. I LOVE them to pieces and have been very happy, especially for the cost at only about $5 per spanner. Whatever you get, make sure its Chrome Vanadium (Cr-V) and not just plated chrome either, get forged if you can.
For the floor, really only 2 options: Dry ice and a hammer or a heat gun and a scraper. I did mine with a scraper and it was PAINFUL. I've not tried the dry ice method but hear it works better.