I support your choice of a frame off restoration, a 30 year old cruiser deserves it! This route of work will provide the best accessibility to all the components in the vehicle.
With a frame off restoration you will need plenty of space for: storage of the tub / hard top, frame, axles, motor / transmission / transfer case, and all interior pieces.
A good set of metric sockets / wrenches will be needed, an engine hoist is needed to remove the motor, an assortment of hand tools and an impact driver is a nice addition.
Sandblasting options include: renting a sand blaster, buying one or go to Prairie Sand Blasting off of 17 st NE.
Painting: take it to a professional or hire a friend who paints.
Welding: buy a mig, rent a mig, let the body shop do the welding for you or find a buddy willing to lay down some beads
Buy yourself an FSM (factory service manual) for your BJ42 to better understand the components, functions, location and the maintenance involved with each system.