I also recently purchased a '67 TR4A really cheap, and had many of the
same questions as you. I decided to get the car running first for several
reasons, the most important two being that I do not have the time or the
money (I'm a university student) to dive into a full scale restoration.
Just last night, I got the car to the point where it will go, and stop.
To do this, I had to replace both the master cylinder for the brakes and
clutch, the slave cylinder for the clutch, the rear wheel cylinders, and
the brake line at the back. Also, I had to give the carberator a good,
thorough cleaning. If your car has been sitting quite some time, you may
have to take similar steps. Mind you, if you want to do a full
restoration, you will probably want to strip the car right down first, and
then work from there.
Also, you mentioned that you had never tackled anything like this
I know how you feel. I was lucky in that I knew a good mechanic, and he
was willing to help me when I got "stuck". I also bought the Bentley
Workshop Manual, a very valuable resource. Anyway, hope this helps.