this just shows how new i was to all of this, but absolutely make sure all your framing is 16" apart. when you find a water problem and have to rip everything out, don't put it back "close enough", make sure it's exactly on 16's. when you have an irregular wall where you can do it all 16.5" apart and make it even, do it on 16's and use the extra studs.
basically, i knew sheet rock and everything else would be easier if it was all on 16's, but i had no idea how much trouble it saved all the way through trim work when it all fits together as it's supposed to. by far the worst short cut/rookie mistake i made.
also, get yourself a combo pack with a pancake compressor, framing gun, and finish nail gun, and a miter saw.
and don't be afraid to spend a few extra bucks to upgrade from, say, B&D or skill to dewalt. definitely worth it in the long run when you're trying to finish up the project with a tool that's barely still working.
and like others are saying, don't be intimidated...anyone can do this stuff. i started my complete basement finishing project with dedicated theater with only a hammer and a $15 b&d corded drill (and that's all i knew how to use...never even used a power saw before). the info in this forum is pretty amazing. you probably won't mistake my work for a professional's, but i never would have had the 10's of thousands of dollars to hire this out. instead, i took my time studying this site and designing exactly what i wanted, bought materials as i needed them, and learned as i went. finishing the sheet rock was probably the worst. definitely hire someone for that if you can.