depending on the files you're using i wouldn't call IM (depending on mk) the hardest pep project. but it will take a lot of time to get it looking good - true of any project.
just make sure you get all the tools you need before you start. if you don't have them spend your money on them first.
decent grade cardstock, craft knife/exactoknife, steel ruler (for keeping cut lines straight), cutting mat, the ability to print the pages out in the first place, gluegun or superglue (i prefer a gluegun/hot glue but whatevers your preference).
the above should get you to the card version stage.
next will be strengthening so you'll need a decent amount of resin, fibreglass mat kit for the inside, latex gloves and a respirator mask will be a good idea, as well as safety glasses (just in case), pots to mix the resin in, cheap brushes to brush it on with, scissors.
that should get you to the hard shell stage.
next is the filler (or bondo as you'll find it called on here) or p38, razor blade or craft knife to trim any excess off, plastic scrapers to apply it, sandpaper, wet & dry paper, sander (whatever you prefer), a couple of files and mini files are a good idea too to help get into hard to reach places.
paper towels/cloths/paint prep wipes - love these things for getting rid of sanding dust before the next coat of filler or paint.
once all that's done it'll be on to painting. primer, paint, laquer/top coat
might have missed a couple of things but i think i've covered the main areas.. perhaps someone else could fill in any blanks.
plenty of stuff you'll need, but if you do it in sections for the stage you're at you can spread the cost quite well.
hope that helps in some way