Topic: I literally know nothing about restoring a motorcycle.

[S.c.O.O.t]

I can say for myself im on my first build also. but ive been around bikes all my life. i would say read as much as you can .Good tools are not cheap so buy them as you need them for the job at hand . befor you know it you need a bigger tool box. and beer and some good music always helps . these guys on this site are the best and there right there is NO dumb questions . Good Luck and have fun !

[Really?]

Yea, tool boxes tend to collect!    I have two rollaways with one top box, wall cabinets, floor cabinets on wheels, tools hanging from the wall and tubs of stuff up on the shelf.  Well, I do have smaller tool boxes filled with stuff for particular tasks.  And I still do not have enough! 

Oh, an old laptop with wireless, streaming Pandora through $5 computer speakers work good.

[Stev-o]

there is NO dumb questions .

HA! You haven't been around long, have ya?!?

[abowersb]

Impact driver. 

Far more valuable when working on these bikes than the $25 it will cost you. 

What model should I get? What is the purpose of the tool? Why is it helpful?

[rifleman]

Impact driver. 

Far more valuable when working on these bikes than the $25 it will cost you. 

What model should I get? What is the purpose of the tool? Why is it helpful?

http://en.wikipedia.org/wiki/Impact_driver

Battery powered and 110V impacts seem to be pretty popular today as well, while normally they're air powered.  Harbor Freight (google one for your nearest location) has 'decent' tools as long as you watch what you buy there. 

IR is a good air powered brand. 

[Grnrngr]

It's a handheld screwdriver that has a 3/8" or 1/2" square drive if you want to use a socket on it (depends on what you buy)..extremely useful for knocking loose "phillips" head screws that have been wallered out because they're not really phillips head screws...they are Japanese Industrial Standard (JIS) screws, and no one has JIS screwdrivers.. stick the driver bit in the cruciform "hole" and whack the driver with a hammer. Then replace the screws with allen heads...got mine from Harbor Freight for.....geez...... $8? Once you've mangled a bunch of them "phillips" screws and have tried everything else and nothing works, you'll understand the value. US and British bikes tend to vibrate loose, Japanese bikes seem to vibrate tight, so Harley and Triumph riders spend a lot of time tightening things up and replacing things that have fallen off, while Japanese bike riders spend a lot of time cussing and stripping the heads off screws and nuts that just don't seem to want to come undone. And besides, beating on something with a hammer generally just makes you feel better.

http://www.harborfreight.com/7-piece-reversible-impact-driver-set-93481.html

http://www.harborfreight.com/impact-screwdriver-set-with-case-37530.html

[cameron]

Every time I have had to do it... beating on my 550 with a hammer has NOT made me feel better.

Just nervous.
And afraid.

Then relieved, because the Impact Driver came through every time