Advice from a guy that's been turning pens for a few years -
That looks like a great place to start - had I seen that 2 or 3 years ago, I probably could have saved a lot of money. :EDIT: I also recommend getting more sandpaper (no such thing as too much, and don't get the cheap stuff - get something that doesn't "load" too much if possible - and some superglue. CA, Cyanoacrylate, whatever it's called, is better than the two-part epoxy they give you for gluing tubes. Medium CA, perhaps the gel form.
You're going to find out, though, that you'll want more wood, and you'll eventually need to get (my recommendation) a good drill press or develop a REALLY steady hand with a power drill.
You'll probably destroy several blanks as you learn how the process works - not intellectually, but as you gain a "feel" for the wood.
As far as chisels are concerned, my honest opinion is that you really only need two - one "flat", and one with a 45* edge. I have a bunch of chisels, but I always seem to go back to the ones I'm most comfortable with. Once you get comfortable with one, you'll find that you can do almost anything with it.
Also, learning how to keep your chisels sharp will save you LOTS of irritation later - a good idea with any bladed tool is to have a good understanding of proper sharpening techniques.

This one is white oak, I made for a guy who wanted to give his dad something special, and handmade. It's finished in CA - superglue - and polished, after pore-filling and sanding sealer was applied.
Penn State is a great website for pen supplies, very reasonably priced and easy to deal with - I've dealt with them on a number of occasions.
Once you get the hang of working with turning wood, you'll inevitably start seeing neat combination possibilities -
This pair is matched purpleheart, with yellowheart and redheart segments and black veneers - made them for a friend's 10th anniversary.
This one is walnut with bolivian rosewood segments.
That sort of stuff requires a good saw and sanding setup, to make sure you have no glue lines.
Obviously, I've put some time into this.
If you have any other questions, go ahead and post em here or PM me, I'd be glad to help.