Here are three things that will drastically improve your pipe restoration workshop, plus a short tutorial on cleaning stubborn oxidation on old stems:
1. OxiClean: If you're going to restore pipes, you're going to run into a lot of estate pipes with oxidized stems. Removing that brown gunk on nice, old, ebonite stems can be a challenge, to say the least. One of the most indispensable items you can use to get those stems black again is OxiClean (in the powder form). Once you have a bunch of stems that need to be untarnished, take a plastic tub, fill it with hot tap water, and take a scoop of the OxiClean and pour it into the tub of hot water and let it dissolve for a minute. Now, before you put your stems in, take some petroleum jelly, and put a dab on any logos on the stems you don't want to disappear (because the OxiClean cleans everything). Put the stems in the tub and watch as the water quickly turns a pretty gross brown (all the gunk on the stems). Let them dry out and then buff them (or fine sand them first, then buff).
You'l have to be careful with certain older, ebonite stems, like those that were made by Custom-bilt and some of the other cheaper brands. Their ebonite stems tended to be more porous and those, you can't leave in the OxiClean too long as they'll start to get kind of rough. If that happens, you can do two things (and this is the second thing you should get if you want to restore pipes):
2. A buffer: get a stationery buffer and buff it smooth (or a cheap motor and arbors, as previously mentioned--your motor should be no more than a 1725 rpm motor, a 3600 rpm motor is too fast and if a stem comes flying off your buffing wheel [which, it will] you can lose an eye that way). Then, after you've removed as much as the oxidation as you can, take some black leather dye and give the stem a few coats. While the dye is still wet, take a bic lighter and set that sucker on fire (take a pipe cleaner and put it through the stem so you can hold it away from your fingers) and let the dye set. Then, buff that sucker so it shines like the moon.
3. A stationary drill press: I have an old Delta drill press that's about as tall as me, runs as straight as an arrow, has different speeds, and is indispensable for making straight holes (which you'll need to do from time to time--to drill out broken tenons on stems, re-drill draught holes, etc.). I picked it up on Craigslist, from a retired woodworker, who just wanted to make sure it went to a good home, and he gave it to me for 50 bucks.
Hope those suggestions help and have fun setting up your shop!