Welcome from Central NJ! I have sewn most of my life but prior to quilting was primarily garment and home dec stuff. I am a self taught quilter by watching the Simply Quilts program. The first thing that I discovered was that it seems as though today's patterns really demand the newer tools (rotary cutters/mats/rulers) due to the precision of the patterns. That said, you can pick up these things quite reasonably if you shop the sales. I'm not familiar with the book you mention. You can learn plenty here from all the helpful folks as well as Youtube if you're more of a visual learner. If you don't have a LQS nearby for some hands on help or classes I would suggest starting with a small project - table runners/lap quilt. This way it's not too overwhelming and you get to see a finished project in fairly short order. And although I am a hand quilter, there is absolutely nothing wrong with machine quilting. There are some beautiful quilts out there done by machine. Hand quilting is just my preference. As to machines...look for a good used machine either from a dealer or locally for sale. You can usually get a bigger bang for your buck this way. Look at the various brands that suit your needs and go from there. Craigslist is a great option.
Good luck with your new adventure. Jump in with a small project and then go from there.