I agree with the others. Since I had taken sewing classes in the past, my first "quilt" was a table runner using the kits they sell at Jo-Ann. I didn't need a rotary cutter -- just thread, sewing machine needles, pins & my machine. If you are sewing by machine, a 1/4" foot (sometimes called a "patchwork foot" or a "piecing foot") makes it a lot easier, but it's not a deal breaker. You can measure 1/4" from your needle to the right & use a stack of 10 post-it notes to make a little guide so you know exactly where to feed your fabric through. If you plan to quilt it, you'll also definitely want to get a Walking Foot for your machine -- unless you plan to hand quilt it, which takes a LOT of time to learn ... I'm trying to learn that now & it is not easy! Oh, also, you definitely want a working iron & either spray starch or sizing. Quilting involves a lot of pressing.
Good luck on your project & welcome to the wonderful adventure of quilting!
The more practice you get, the better -- but I'd at least try to make a small quilt before taking on a quilt with recycled clothing. That way you learn the basic techniques before adding in more complicated steps like adding stabilizer to the backs of the pieces of clothing & such.