Ok for tools most importantly you need a carbide cutter. Hakhawk can hook you up with a dude that sells them cheap on ebay.
And you need a die grinder, you can use any kind of cheap air powered grinder that you find in the local hardware shop or places like supercheap or ebay, they only cost liek 40 to 60 bucks. But I'll show you one that I would suggest is what you want to start with
http://secure.global.net.au/otcgi-b...+file2+air_tools_az_air_tools:1:10:C:WQ08106N
I would HIGHLY reccomend you get a long nose one like that, if you don't get a long nose one you will soon wish you did when you just can't quite reach that one last spot you want to grind.
If you wanted to be the biggest porting pro ever you would just get an electric grinder like this one, it's good one that Makita make
http://cgi.ebay.com.au/MAKITA-8mm-D...hZ009QQcategoryZ79958QQtcZphotoQQcmdZViewItem
Or you could try out this cheapy also on ebay
http://cgi.ebay.com.au/520WATTS-Die...2QQihZ008QQcategoryZ20776QQrdZ1QQcmdZViewItem
It doesn't look like it would have much reach to go deep into runners without a crazy long carbide bit on it but yeah maybe the cheap electric one and the long nose air one. You don't really need to cut the runners unless you are going for pro stock style power anyway
. So if you don't have a compressor the decision is easy, just get a grunty electric one
http://cgi.ebay.com.au/Tungsten-and...QQihZ008QQcategoryZ105830QQrdZ1QQcmdZViewItem
This is the kind of bit you will need for Iron, you get a different one for Alloys. They are like 30 or 40 bucks in the shops but can be had for cheap on ebay, you can also get sanding wheels made of folded sand paper in all different grits to finish the job like the one mounted on the Makita grinder and also grinding stones but between the carbide bits and sanding wheels you will have most of the action covered.
Forget the drill
that's too home brand even for me
SUPER IMPORTANT, wear a breathing mask and safety goggles when grinding metal, sharp little shards go all over the place!