If it's going to be a representation of an aircraft that was flown by a relative then I'd take a lot of time and do some research, it's what I did on my Liberator which is replica of my Grandfather's kite.
I couldn't find any results for the loss of AL340 are you sure it was in this kite that he was lost? If so what were the dates? It all helps with getting it "right", squadron markings, numbers etc as you know differ from Squadron to Squadron and theatre to theatre.
As for the questions heres some sugestions:
Which paint - this depends on the above questions i.e. Squadrons Theatres etc. The Wimpey was a fabric covering over a metal frame so you won't get much in the way of "chipping" etc except on the metal parts like the engine cowls, exhausts, Oleo's etc. It would probably be black and camoflage (i.e. green, brown), black on the bottom and camo on the top. Having said that it could of been all black again it depends on the Squadron etc. As to the type of paint, well I'd recommend a base coat of acrylic with oil based enamels and oils for weathering etc (but I'm bias).
I'd look at getting some CA (super glue) if you are doing a 1/48 Wimpey it's going to be big so using CA as spot welds will help. You can then run the liquid glue in to the frames as it uses capiliary action and is "drawn" in to the gaps where it "welds/melts" the two halves together.
Tools vary, I have a shed load of tools that do different things. Basic tools are a knife, some differing grit papers for sanding and if you want to do recessed panel lines then a scribing tool. This is just the basic tools there isn't really a limit as to the amount you can hoard
I wouldn't recommend a canister, they have a tendancy to drop in pressure half way through the run as they can't keep it up long enough (said the actress to the bishop). I can't recommend a compressor enough. If you have the cash/room go for one with a holding tank. This will help to maintain a constant pressure and will reduce the pulsing effect.
There are some paints that brush well, I find Testors do a nice range of enamels that go on well. Acrylics tend to dry too quick to be used in large areas by hand.
I hope that helps in some small way, I'm sure everyone else will have differing opinons that's the nature of modelling (and the beauty).
Gary.