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Perhaps a bit extreme pulling down a well functioning carb the day after you get it. Id suggest changing all the oils, new filters and points and adjusting the tappets! Then when you get keen, replace the points with electronic ignition. You will love it and learn a lot as you tinker. We're here if you get stuck.

as for tools some of the most important for an old toyota are 1. impact screwdriver, required because all screws will be seized 2. multimeter with digital display 3. vacuum gauge, suggest just buying a chinese gauge on ebay and sticking a barb and hose on it, this will cost about 5 dollars 4. feeler gauge, no DIYer one ever sets valve clearances correctly on any engine that ive ever purchased. learn to do it propperly. also good for spark plug gap and contact points if you have a points distributor 5. some sort of book on the basics of old engines. i am sure haynes or gregories have a few

i say dive in head first and take apart the carb and clean and rebuild it. it should be the most understood part of the car but few younger folk know anything about them nowadays. it is where all the action happens and where most of the daily driver problems lie. if u attempt to learn about it by reading forums alone, without having taken one apart, you will un-learn, and understand less. that is my advice.

Find a car with the best body you can. The mechanicals are easy. Then get yourself a full set of preferably factory manuals and learn as you go. Initially have fun fixing whatever needs fixing, but do bear in mind not to spend too much if you think you might like to modify things one day. But really, standard replacement mechanical parts are cheap and readily accessible. There is also a great deal of info on the site here. Look at other build threads, have fun using the search function, and ask away when you get stuck, or need inspiration. They really are great cars!

Sure, take a look through The Girls KE70 here. I wanted a reliable quickish car for my daughter to learn on, without spending money. There's still more you can do to the K engine, guys on here are discovering more all the time.