I'm building two Pygmies concurrently, a Tern-14 for my son and a Coho for my own paddling pleasure. The three best investments for the neophyte (so far, anyway)

1) Random orbit sander (duh)
2) Small block plane for beveling
3) A quick-release drill chuck and extra 1/16 bits. Drill a hole, leave the bit in the hole, swing the jig, drill repeat ad nauseum. I did both boats in under 2 hours.

OK, it's obvious, but I'm new at this...