I like DirtTrack's rec for a storage bay - that's a brilliant idea. Might not be able to do your painting in there, but should work for other things.
What, oh what, are you getting yourself into? Well, I'd suggest picking up Zen and the Art of Moto Maintenance and finding the reference to "stuckness" (it's the only bit of that book I liked). You can plan for a smooth path as much as you want, but with electrical "issues," old bolts, etc., etc. you are going to be dished out a whole host of surprises.
Soooooo, first get yourself a good set of tools and supplies. At a minimum:
10mm, 12mm, 14mm, and 17 mm combo wrenches
Socket wrench set (6mm up) that includes an extension
Taps and dies (6mm and 8mm I think will be all you really need for the 750)
A decent "bolt out" set - maybe someone here can recommend one that works
Flat screwdriver - get one long, thin one; one medium-length thicker one
All three phillips head screwdrivers - mostly medium-length, I think.
Set of hex wrenches (3mm to 7mm, I think)
Big can of PB Blaster
Small can of dielectric grease
Can of lithium grease/spray
Red and blue threadlock
Electrical tape (and maybe a soldering iron, if it comes to that)
Fine (000) steel wool
Dremel (eventually we all need a dremel)
Lots and lots of rags or towels for cleaning up
Hand cleaner (I like the orange pumice stuff)
Respirator or dust mask
Latex (or like) gloves
Coveralls of some sort so you don't keep ruining decent jeans or shirts
Motorcycle jack, if you can get one; if not, use Fergy's suggestion for the tie-downs on the front wheel, bike on the centerstand
Kaw Service Manual
Clymer's Manual (yes, both)
Extra bolts - either at a hardware store or you can get stuff for our bikes off of eBay - always good to have extras on hand; and best to replace anything that looks like a phillips head with a hex bolt
And a giant can of patience.
I'm probably forgetting other important things (like hotlinks to the Forum, key members' phone numbers, etc.), but that's off the top of my head while sitting here at work.
I have to say that while Orleans has been daunting and frustrating, she has been the best experience of my life in many ways.