I would like to add to branshew's comment, only from the feminant (yea I'm a chick) point of view...Knowing the look and smell of fluids is absolutly valid. Personnally I have done alot of mechanical work in the past : Three engine rebuilds (2-VWs, Toyota Corrolla), Timing belts, alternaters, starters, water pumps, radiator, gas tank cleaning and replacement, rack n pinion installation....etc....I have found a few things to be the most helpful...
Mechanics that get paid to do it.
I am all for project cars and learning and if that is truely what you would like to do here is what you need...
1.) Chilton's on the Lex.
2.) One set of Craftsman tools (Metric and English units), ONE C-Clamp (brakes), Hydrolic jack, Jack stands, wheel ramps...mechanics creeper is nice
3.) Time: don't try to do it all at once...
-start with changing the oil, find the pep-!Removed!
-Air filters, knowing what they look like bad is great
-do the little things...that is what to start with....
4.) have a friend who does know what is going on incase you get in trouble...some mechanics are cool and will help you
5.) Listen to your engine.
-it sounds funny but you can isolate and identify the true fault in an engine more by sound and feel than you would think....Smells too, but there is already a thread about the smelly front right of the engine...
6.) oh and one set of Work Clothes
In regards to my 97 ES 300
Personally I have 0 time, so all I will do is brakes, oil changes, A/C Drain fix....that is about it. then again that is all I have had to do (Under warrenty)
I hope it helps...even if it is not about Synthetic v. regular ( I Vote synthetic...Peace of mind)