The tips DON'T wear out. If you get some sappy wood that clogs one you hold the tip with pliers and burn off the crud with a propane torch. You want the Saburr burrs or the Typhoon burrs. In the Typhoon color code you would use the RED burrs, and probably just go with a 1/4" shaft 9/16" smooth end cylinder, 13/16" Cone, and 3/8" Flame, at least to begin with. If you buy a Foredom kit that comes with a bunch of 1/8" shaft burrs just save some storage and toss them in the trash. The 1/2"x1/8" dremel sanding drum is handy too.
to hang your machine, what I did was get a 3/4" pipe clamp and install a 6" black pipe nipple on it, then I bought a 4ft piece of 1/2" black pipe and one elbow, cut 6" off one end of the pipe and assembled the 2 pieces with the elbow. This slides nicely into the clamp. I put some 1/8" holes in the lower end of the long piece and installed an eye bolt with a little hacked off the eye to hand the motor from. I use a nail in the 1/8" holes to adjust the height