| Oil - 15/40 - I use Rock Oil Guardian Semi-Synth changed every 3K
Tools - You could get the dedicated filter removal tool, or as per another thread, a big screwdriver whacked through the filter should get it off. Or a strap wrench.
It's as straightforward as you think, though you'll want to warm the engine first.
You'll probably also want to clean out the oil pickup filter, as it only adds 5 mins to the job. (It's covered in the Haynes manual)
Cost....Depends where you buy. I get my bits from Moto Rapido in Winchester, and last time (couple of weeks ago) it came to well under £40 inc VAT for oil and filter.
When re-filling watch the sight glass when you add the last half litre. A few of us here have recently over filled when adding in the recommended amount of oil. | 
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