I'm no expert on auto body restoration, but I think it depends on what you have in mind. Cutting away bits of frame? Cutting down springs? Or are you cutting away rusted sheet metal?
My advice is to peruse the
Eastwood Company's website.
My answer is- you can cut all automotive metal effectively and efficiently with a hack saw and a little practice. You need a decent frame (I have the Bahco which is the same as the cheap Snap On model). And the right blades. Guys use the wrong blade then wonder why their hack saws don't work.
For drilling, no exotic drills are required. Just USA (not for patriotic reasons, but because they really are better) HSS drill bits, sharpened 135 degrees split point. A cordless drill will work fine if its a good one with a slow speed. My recommendation for folks who drill a lot of metal is to buy a Drill Doctor. If you buy that first, you can buy high quality used drill bits cheap and sharpen them into whatever profile you prefer. Start your holes with a center punch.
You can shape automotive metal effectively with quality hand files. Again, you want USA. The new mexican Nicholsons seem to be made of pewter or aluminum (kidding). They are really soft. See if you local store still has USA made Nicholsons and buy all you can. Keep them clean and they will last a life time.
Otherwise, for power tools, I think for auto body restoration you want an air nibbler, air die grinder with a cutoff wheel, then probably an oxy set up for cutting and welding. Then you are going to want sanders.
One of my cousins rebuilt an old camaro and had a Bosch jig saw mounted upside down on a bench with a hack saw blade in it and used that to saw all kinds of patches. He does amazing work. Not sure I'd recommend this set up. But I guess my advice is to start with the basics and build your kit as your skills grow.