Tools required can be as simple as a tenon saw, drill, file and sand paper. A vice would be handy too. Or you can go full tilt with a bandsaw, drill press, belt sander etc, but it is not necessary.
There are so many good threads here on swimbaits, solving specific issues, like hinges, joints etc. Even threads on how to get it to swim! But this link (by Diemai) is very comprehensive and a good place to start reading: http://www.tackleunderground.com/forum/hard-baits/13713-swimbait-very-first-attempt.html
After that, you should search specific words for specific questions. If you go advanced on the search function and select 'hardbaits' forum, then this will eliminate the soft plastics swimbaits.
Go with the 7" swimbait for the first attempt, as fiddling about with a 4" bait with 2 joints is a real pain. Your first decision will be what material to use.
Dave