Can I do without the timing belt tools? I bought a set for my VW diesels and turns out there was enough stuff in the shop that could replace all the stuff in the kit. The camshaft had a nice spot for a wrench to counterhold while you zip the end bolt off. Long sockets fit instead of the locking pins to lock the IP. The crank didnt have anything to hold, a block just doesnt move unless you really try. Im not sure what the cam looks like on this engine, thats why the advice is required.
As far as parts go for the TB change, this is what I have (all OEM):
-new belt
-belt tensioner
-water pump
-valve cover gasket
-timing belt cover gasket (need this one?)
Anything else im forgetting?
Here's the old girl the first day I got her (sat for over a year, this is before cleanup)
There is no timing belt gasket unless you want to call the rubber trim you see at the back of the cover a gasket. You only need a valve cover gasket if it is leaking. Nice to have one if you need it though. I would add silicone to your list for the corners where the valve cover meets the bearing caps if you want to remove it. You will also want some drill bits to pin the IP and flywheel. Might also want to replace belts if they are old while you have them off.
If you want to go the route where you remove the valve cover you can sight through the big hole in the camshaft sprocket from the front and align the cam oil spray bar in the center of that hole from the front with the IP and crank locked with pins. It should be close to center with belt tight. I would install the cover and make a mark on the cover for future use.
Now with that said the flywheel has 5 or more holes in it that the flywheel pin will lock in. I would start with the timing cover removed turning the crank till you can get close to putting a pin in the IP. Then put the timing belt cover back on and be sure the damper mark aligns with the cover mark(TDC). Then install a 5/16' drill bit into the flywheel timing hole and rock the crank till it locks. Then install the IP lock pin(drill bit, it will be the big hole). Then you can remove the damper and replace the belt. Start at the oil pump drive, IP, Cam, Tightener Pully. Keep belt tight as you go. Remove the IP pin and tighten belt to spec. Then sight the cam pully to the cam lube spray bar again. It should be close to center. You said you wanted to replace water pump. Do that before the belt and clean with purple cleaner. A valve adjustment will make it happy but is not critical.
For some reason when i've done timing belts in the past, I've just brought the engine to TDC and made my own marks, remove the belt, put new belt on. nothing usually moves too much if you're careful, but if it does, since my own marks are there its easy to line up. I dont understand the need for all the special locking tools if you've got the timing right and make your own marks.
It is easier to use the pins and you know you have it right. I have seen too many people saying I changed my belt and it will not run right threads.
The real reason for the pins and cam tool is the cam and the IP are adjustable and they should be adjusted often. (15K i think) The belt streaches and most important belts are never the exact same length. That throws the cam and IP timing off and decreases performance. Yes it will run but not as good as it could if done right. The cam does not make much difference but IP timing makes a big difference. For example: I had one that was smoking when cold and using oil. Timed the IP with a dial indicator and smoke went away, Mileage improved and used less oil. Cranked better too.