Reddit mentions of Flexcut Carving Tools, Deluxe Palm & Knife Set, with 4 Carving Knives and 5 Palm Tools (KN700)

A strop is only for honing (the final step to achieving a razor-sharp edge), while a whetstone could be used for anything from shaping the initial bevel to honing, depending on the grit.

If you do buy some Flexcut knives, which I highly recommend, you will probably only need a strop if you properly maintain them. In fact, they recommend you never use a whetstone and only opt for a Powerstrop if you neglect them for too long.

Many sites will recommend you buy tools one by one so you can get what you need, but as another beginner, I was extremely happy I purchased the Flexcut Deluxe Set. It was probably one more knife and one more palm tool than I needed, but it helped me understand what was out there and how to use them. A good, cheaper alternative might be this set.

No matter what you buy, one of the most important things to do from both a safety and usability (and enjoyment!) factor is to keep your tools as sharp as possible. That way it requires less force to move the tool through the wood, which is a common injury mechanism, and it makes it easier to create fun things. For the weird angles with V and gouge tools, I use another Flexcut invention. It works okay, but you can get the same results with folded sandpaper or other methods. I also bought a fullsize knife strop because it really does make a difference and you can get some with a lot more surface area. I haven't needed to buy a whetstone yet.

Also, I've since supplemented my starter set with Dockyard tools, which also come very sharp and keep their edge well. So far I've only used their micro tools, but I understand they have decent sets as well.

Speaking from unfortunate experience, you should definitely pick up a pair of kevlar gloves. I had a pretty serious hand injury (partially severed tendon) because I was just doing some touchups and wasn't using my gloves and got a bit sloppy. It only takes one single wrong stroke, and I had gotten complacent since I'd been so careful in the past. The gloves let me be more reckless and have definitely saved me from cuts, although they wouldn't protect against a stabbing cut. Thumb guards are also popular, but I don't actually like them very much. The gloves are nice because you can get a great grip on the tools.

When you have a knife or a set, you'll need some wood to practice on. I found ebay to be a great resource...just search for "basswood" and pick a few different sizes. 2x2x6 seems to be a good starting point to me. Make sure it is kiln-dried as well. Here is a good assortment that is pretty cheap. Butternut is another good choice, but for a beginner, I'd stick with basswood from personal experience.

Finally, if you are wanting a good book to introduce you to the subject, I'd recommend the Complete Book of Woodcarving. I've bought a number of books on the subject, but it is definitely the best if you are only buying one and need an overview to the entire craft. Old Time Whittling is only 30 pages, but gave some great examples and was very useful to me as well.

Took a quick look through amazon, any of these products would significantly upscale my production/ quality of work.

http://www.amazon.com/gp/aw/d/B009ZD6D1I/ref=mp_s_a_1?qid=1367855793&sr=8-22&pi=SL75

http://www.amazon.com/gp/aw/d/B002U9LBES/ref=mp_s_a_1?qid=1367855905&sr=8-55&pi=SL75

http://www.amazon.com/gp/aw/d/B001NI4KC2/ref=mp_s_a_1?qid=1367856228&sr=8-72&pi=SL75

http://www.amazon.com/gp/aw/d/B0002IXNK4/ref=mp_s_a_1?qid=1367856398&sr=8-84&pi=SL75

http://www.amazon.com/gp/aw/d/B0002IXNPE/ref=mp_s_a_1?qid=1367856583&sr=8-123&pi=SL75

http://www.amazon.com/gp/aw/d/B0032Z1EFA/ref=mp_s_a_1?qid=1367856889&sr=8-2&pi=SL75

http://www.amazon.com/gp/aw/d/B0032Z0XQ6/ref=mp_s_a_1?qid=1367857001&sr=8-16&pi=SL75

http://www.amazon.com/gp/aw/d/B0012XP6NU/ref=mp_s_a_1?qid=1367857131&sr=8-20&pi=SL75