I haven't done an M42 yet, maybe someone who has will chime in. I can't think it's that much different than other cars, just easier because of how small & accessible the engine is. I sold a nice Nissan Quest in great shape because I didn't want to replace the rear head gasket! Mechanic quoted me $1700 to fix it. My brother-in-law used Bar's StopLeak to keep it running for another year until he junked it.
Yeah, absolutely a decent 1/2" click-type torque wrench, 0-100 ft-lb range. Its long arm will help loosen any stubborn bolts too. You'll need some 12-point sockets for the head bolts, maybe 17MM?
To lock the cams together get two medium adjustable wrenches & vice-grip clamping pliers from Harbor Freight. I like those magnetic tool trays too. I can't think of anything else exotic you'd need.
Gasket scrapers are nice too, but not totally necessary. You might need a torch for the exhaust studs, at least have a lot of PB Blaster or WD40 on hand. Soak them well, and repeat for a two or three days like any exhaust work.
I'd use anti-sieze on the new head bolts for a more accurate torquing, but you'll likely get all kinds of opinions on that...I like the copper stuff, any car store should have something similar. A little goes a long way...you can use what's left on wheel bolts & brakes after you button up the engine.