If the toaster oven is just like a normal oven only smaller, it will probably be ok. But DON'T EVER bake it on a higher temperature then the package says and nevernevernever use a microwave oven.
You should have something to work on, a glossy magazine is ok.
And a sharp knife + something to make the clay flat with. A pencil works fine, just roll it over the clay. And also, if you are making charms, small metal hooks. These can be made by metallic paper clips. Just bend it into the right shape and cut it into smaller pieces using pliers, scissors or just bed it with your hand and it will eventually break. You can also use staples.
And yes, it is perfectly ok to paint the clay afterwards, but normal acrylic paint won't dry very well; it will remain sticky > < Nail polish can be used though. Painting it will give a different effect then if the clay itself has the color though...
Also, you can use pastels/chalk to paint or color white clay.
If you want to make baked things that look realistic, you can use different colors of pastels to shade it. ^^ Just scrape it with a knife and apply the powder with a pencil(before baking!)
If you want to color the clay with pastels, just scrape it with a knife and kneed the powder into the clay.
Good luck : >
Edit: Oh, and I use Fimo clay ^-^
I've bought from this site before:
http://polymerclayexpress.com/
They're very affordable, and reliable ;3
Getting Started With Polymer Clay?
