New Head Gasket!
 

I am redoing my stock head gasket in my 87 7M-GTE and putting in a metal one, probably a 1.5mm. I am really new to the whole engine rebuild scene. I would like to know exactly what I need to buy for the job. Obviously the head gasket and I was thinking ARP head bolts. Do I need to buy head studs as well? Any other suggestions?

If you're doing a metal head gasket, have the head and block resurfaced properly.

Helpful Hint
 

Check out the FAQs section, and do a search for pertinent info before starting your repair.

and as to the bolt or studs. Which do I need?

If you're looking to the future, do a head stud kit.