http://www.modelcarsmag.com/forums/index.php?showtopic=74144&hl=tools
http://www.modelcarsmag.com/forums/index.php?showtopic=9729
I know I've seen an other one on basic tools to get started but can't seem to find it. These can give you an idea of whats used and what you actually need to get started. As for the cost, it can be as expensive as you want to make it. When I got back into modeling I put an add on craigslist- looking for model cars, parts, and supply's and got most of my tools and supply's at very reasonable prices.