Thanks guys! Per the serial number, my bike was born on Jan 10, 1988. I'm glad to hear that I can simply replace the caged bearings with loose bearings as that will make things a lot simpler. As for the tools, I actually found a coop that is $7 an hour and assures me they have everything I'll need (which I'll take notes on) and will even help me out. This is the BB though:
http://velobase.com/ViewComponent.as...34a99&Enum=115 (so a standard 22 mm tool and a ring wrench right?)