Stick with the traditional 'gunstock woods', Black walnut, Claro walnut, or English walnut. Figured Maple or Black Cherry might be considered, too. You'll need a good set of carving chisels and gouges, most of mine are intermediate size made by Dastra Woodscrew. A mallet for driving the chisels & gouges. A marking gage. Making pencil, I like the silver ones like welders use sometimes. A couple of accurate scales, one flexible, preferably. Scrapers, the only commercial ones I've found useful are those by Jerry Fisher and sold by Brownells, the rest I made to suit myself and the task. A drill press and good wood bits are handy for a starter for the magazine box inletting. When you get the barreled action down flat, on top of the blank, if you're careful and have enough nerve, you can do some pre-inletting , free hand, with a router. A 1/4" bit and a 5/8" core box bit will get you started. You can, also, use that router to get rid of some of that extra wood on the outside when it's time. A band saw is nice, but a large coping saw will do, for getting some of that extra wood off, but a regular hand saw will work. A Nicholson 10", #49 Patternmakers rasp/file is the tool of choice for shaping. Along with an assortment of 1/2 round , double cut files, 6", 8", &10". Double cut riflers are handy, too. A barrel channel tool of some sort makes that work alot easier (another tool [or tools] I had to make myself, no good commercial ones that I liked). You'll want some sort of marking compound, like inletting black, I prefer the 'gold' on darker wood. A set of guide pins for your action and a set of 'stockmakers hand screws', too. I use a template on the end of the butt to establish the shape, another home made item. A metal grip cap will do for a guide there. I've probably neglected to mention 1/2 dozen other things, but, most of all, you'll need a plan! And a big bucket full of patiences! And, JMO, it seems to me it just takes too much time to make a stock to have it end up in a paint booth! If you're serious, use the nicest piece of wood you can afford to buy!