#1 I think needs to take a beginner's quilting class at a shop that supplies most things like an iron, ruler and cutting mat, and has machines for you to use. Its a great way for reality to set in! That way the only major expense is class fee, thread, pattern, and fabric. Might want a rotary cutter, scissors, and pins. A great investment to discover your actual desire.
#2 has been covered by other responders.