First off, welcome to the quilt board! You've gotten a lot of great advice so far but I thought I toss in my own 2 cents. I've been in a PP club for several years and I like it, but like any part of quilting there are a lot of variables and (at least for myself) it might depend on your thought process. It can also depend on your skill level, the type of project and level of difficulty of the project.
Pre-cutting: There are some patterns it may not matter if you pre-cut fabric, but for myself, I'm working on a JN pattern and can't imagine trying to cut pieces as I go because of color placement. My other thought is if you are learning, learn how it should be done correctly first, then later on once you understand the process you can change it to suit you.
The class: IMHO, if the class instructor doesn't give you a list of required tools, you shouldn't need to worry about buying one when you get to class. Even then I would check to see if it really needed or if I has something similar. Consider if the tool will make a difference? Maybe you can cut strips a little quicker with the stripology ruler, but I cut strips with out them...I wouldn't have bought it myself. Again IMHO, if the instructor doesn't request fabric to be cut before the class, it should be a part of the class. The instructors should scheduled it so that a certain amount of the project can be completed in each class. If you've done all three classes and only finished one block it sounds like it wasn't planned very well, and I might even talk to the instructor or shop owner about your experience and satisfaction.
The costs: Paper piecing is more expensive than regular piecing. The patterns require more detailed work and may have the papers included. Your $30 pattern isn't bad if it came with the papers. You will need more fabric because it usually needs to be over-cut. The cost of the class doesn't seem to be out of line as long as you are getting the help and instructions you need to succeed.
It should get easier as you go and there is a lot of satisfaction getting those perfect points. In quilting you need to enjoy the process...the rest of it is just details.