Reddit mentions of Park Tool USA Professional Chain Tool CT-3, 10-Speed Compatible

That's a great bike to start with. I started off with a bike in much worse condition.

I usually start off by giving the bike a quick wash. Just water and some dish soap to get off all dust and loose dirt. After that I dry it with an old towel.

Then comes the tear down. I put it on my stand and remove the wheels and set them aside. Then I just start cutting off all the cables (brakes and derailleur). After that, the chain gets it. I use the Park chain tool.

Then its on to removing the derailleurs, cranks, stem/bars, brakes, etc. Rear derailleurs are mostly removable with a 5mm allen wrench. Front derailleurs, too, although some of the older ones may just have a hex head. The seat post binder bolt is usually 5mm, also. Hopefully it isn't stuck. If it is, just come back and ask for methods.

Onto the stem and handlebars. To remove the stem, just loosen up the bolt up top a couple turns and tap it with a hammer and hopefully it slides out without a fight. Then remove the brake levers from the bar, then the bar from the stem.

I use this tool for the allen bolts. Park AWS 10

To remove the pedals from the cranks, I use a snap-on 15mm wrench. Remember, the pedal on the left side is reverse-threaded.

The bolt (or nut) on the crank arms is most likely 14mm and on much older bikes sometimes 15mm. I use a 14mm socket with a ratchet.

Removing the cranks from the bottom bracket spindle can be a pain sometimes. The tool to remove them is a crank puller. I use the park ccp-22. Make sure the threads are clean on the crank apply a little grease on the tool. Try to make the tool screw in the most it can and don't cross-thread. Aim to get the tool to bottom-out on the crank. Then you start spinning the handle and then you'll get a little workout on your arms.

By this point I usually just have a frame, fork, headset, and bottom bracket left. I'm tired so I'll just stop typing for now, heh.

Ask If you need any help. Someone will gladly help you here and see if you have a local bike co-op/ kitchen nearby. They could be a great asset.

Chain tool to join the links of your chains that you take off.

So no offense, but it doesn't sound like you are too experienced with bicycles. Which is fine. Its wonderful. But if that's the case, why not ride it around as a geared bike before you decide whether you need to convert it?

And no one has mentioned it yet, but if you intend to change the cranks you will need a crank puller. You'll need a chain breaker to replace the chain. Make sure you have metric wrenches for the wheels (probably 15mm). And an allen set for the handlebars.

If you are buying bullhorn handlebars you might have a little trouble with the stem. In the picture it looks like it has a quill stem with a clamp. The curves of a bullhorn can be a little tricky, you'll have to spread the clamp pretty well. And make sure you buy the appropriate diameter handlebar (25.4 vs 26.0 vs 31.8).

Not a big fan of CT-3.2 that /u/pluckythewhale just linked to. See if you can get the older CT-3 if you're not working on 11 speed chains. http://www.amazon.com/Park-Tool-Professional-CT-3-Compatible/dp/B000OZBIPW as one place you can get that one.

Just use a chain tool to break the chain.

The biggest difference between cranksets is roundness, a more expensive crank is going to be rounder which means there's a smaller difference in chain tension which means it "absorbs" less energy is more silent. Expensive cranksets are also stiffer, but unless you're putting out 3000 watt that isn't really an issue.

That conversion kit looks like a bad idea, it's a bunch of the cheapest components being marketed as "hip".

They're called riser bars, as long as you find a bar with same diameter (probably 25.4 or 26 mm on older road bikes) you can keep the stem and headset.

Park makes super nice tools, and that stand is a great choice. But I'd really consider buying tools along the ride, instead of shelling out big time for this huge set. Since you are a tool guy you probably already have a good part of those wrenches and keys, so it'd be better to move a bit of that budget towards your bike.

For this conversion you'll need these tools:

• Chain whip
  
  
• Pedal wrench
  
  
• Chain tool
  
  
• Tire levers
  
  
• Crank puller
  
  
• Chain cleaner
  
  
• Bottom bracket tool
  
  This totals about half of what you'd pay for the complete set, so I'd go for the complete set if you need all the wrenches, but otherwise you can put an extra $100 into your conversion.