If you come to this site often, don't get to discouraged when you see some posts about finding
your dream bike for free, or somebody grabbing a cool bike from a barn etc etc.
If that is your dream bike, then pull the trigger no matter the price, I mean it's your dream right. I can't tell you how many times I find a bike, (or h*** if I am honest a beer, movie, shirt , anything) that I just can't live without, and I strike a deal. I actually never think about deal in bad or good terms. I wanted it, chances are I paid for it.
Plus $125 for something that has been around for 50 years isn't bad, better than some mass production bike with no soul.Just my .02 About tools, got have those tools man, Look at your bikes parts and try to determine what you might need, some screwdrivers, wrenches, openends, a mallet, etc. Get some pb blaster, some chain oil, and be prepared to bust every bolt on that thing.
good luck, and if you need help, ask! oh, almost forgot, the very first thing I do when I get a new project is buy a new set of tires and tubes. Helps me to know what my goal is, To ride.