"I was wondering if anyone here would be kind enough to offer me some tips on tool selection so I can begin with a set that will preform well."
Welcome to the world of turning! As Jim suggested, find an inexpensive set of tools to begin with. Be wary of some tool sets, however, because they don't offer a good selection of tools. An experienced turner can help you shop, and depending on what type of turning you want to do, can help guide you. A woodturning club is the best place to get help.
If that is not available to you, you might want to check online at several of the woodworking stores such as Rockler and Woodcraft, Penn State Industries, or Craft Supplies (www.woodturnerscatalog.com
, I believe), and examine the tools they sell, especially to get an idea of what is out there for the type of turning you want to do.
A 3/4" spindle roughing gouge, a 3/8" spindle gouge, 3/4" round nose scraper, 1/4" parting tool, 3/8" bowl gouge will get you started quite well for most types of turning.
As I mentioned before, if buying a set of tools, make sure the tools have the right shapes to them - some of the cheaper sets are what I call hybrid tools - basically spindle tools that are slightly modified to cover bowl turning as well, therefore doing neither well.
Good luck, and don't hesitate to ask any questions along the way - we are always happy to help in any way we can!