Right on guys! I scored an old table saw a couple months ago, and was pretty jacked up about it. I got a little rip happy though and seem to have burned up the motor.
I very much enjoy having access to a bandsaw, but without it am content with a knife, coping saw, sandpaper, and hand drill.
Paints and patterns vary. I have a popper I made with cream sides, a greenish belly, and a brown back that has been dynamite locally. I like your point about high-contrast, and agree that straight white and also straight black are excellent additions (with maybe a little detailing). For starters you can do just fine with paintbrushes (or even permanent markers!) or spray paint, but a lot of folks move over to an airbrush at some point.
One tip I'd add, if you are just getting started, use someone else's templates for the first couple lures so you get comfortable with the basic shapes and steps, then start working out your own designs. I've been doing this for about 1 1/2 years, and I'll still unashamedly request templates and plans sometimes, though I have only sold lures that are my own designs.