Welcome to the club, we're glad to have you.
You need some basic tools to get started, and actually, a small starter kit isn't a bad way to go. I think that very few leather workers went out and dropped a few grand to get tools to see if they were any good. Plus, when you start with fewer tools, you learn that you can use just the toe, just the heel, one side only, etc., and you can still do quite a bit. That carries over to other tools as well, and you'll find that one stamping tool can actually do more than you thought. A good mallet is a must and here it's better to err on the light side of things. The leather you'll be working ( 2-5oz I think for seats and watch bands) isn't all that thick, and a lighter touch can keep you from going all the way through. Swivel knife- spend enough to get a good one. I'll leave it at that.
Keep in mind that you get what you pay for, and while Tandy has plenty of good tools, other folks make them too, and some of theirs sell for ~$60 per stamp. I'll presume that you have studio space, so that's covered, and you've signed up here. So now you only need leather. As you progress, you'll get more stamps, knives, dyes, et al. Start small, both in tools, designs, and leather. That way, you'll get what you need and know what to do with it, instead of having a box o'stamps and not knowing how, where, or why a particular tool should be used.
Don't be surprised for some extensive lists to be given here....the above is just my .02.
Ahhh! One last thing.....when you start dying leather, wear an apron, and get some disposable (latex?) gloves.