Soon to be new owner 323ci, need advice

Hi everyone, my name is Dan and I am soon to be an owner of a 323ci. The old college car finally gave out and I am thinking of buying this one.

yr: 2000
milage: ~80k
manual trans
carfax looks good
all mechanical and electrical parts check out

Its a beautiful car, drives like a dream, and I havent seen any issues. Having never owned a BMW, I would be grateful for any advice on what I am to expect. I stumbled on this forum looking for more info on the type of car and was pleasantly surprised to find such an outstanding wealth of information contained on this site.
If anyone can answer any of my questions, I would be grateful.

#1 - Service contract/Extended Warranty. Should I get one? I have searched and read many horror stories about warranty companies not paying out. The dealership (small private) is offering a service contract but really only covers the drivetrain and not much else.

#2 - Additional maintainance / preventative care. I dont care how many times the salesman says this car is perfect, nor how many mechanics he said already checked this out. I plan on doing the coolant system overhaul as well as swapping out all the belts and such. Are there any other preventative maintainance care I should do? I have a few threads bookmarked, but if you have any you like and use, please link them to me.

#3 - Tools. Lets say I have absolutely no tools. Would running out to ACE and buying a 50 piece metric be sufficient? Any good car lifts I should look at? I am planning on buying the Peake airbag reset tool. Is this overkill? Is there another?

I am no mechanic but I am excited to learn and do a bunch of DIY's from this site. Thanks everyone.