1). Use a kitchen scale to weigh your ingredients, as yes, it really does make a difference.  European recipes are written according to weight, not volume.

2). Check out King Arthur's website for adequate substitutions for flours. European flours are identified by type: type 405, 1050, and so on. They are rated according to the percentage of ash, and although you won't find exact equivalents here in the states you can become close. A high quality unbleached pastry flour is a must for your pantry.

3). Fresh yeast cakes are most typically used in European baked goods- Würfel frische Hefe- but you can substitute dry active yeast. As we all know at the end of the day dry active yeast isn't quite the same, but I've never seen it in any common grocery store, bulk dry goods store, or market here in Pennsylvania. A professional baker would probably know where to find it.  Take Rick Rodgers' recommendations (he's the author of Kaffeehaus) for common equivalents: one third of a 2oz cube of fresh yeast= 1/4 oz envelope of active dry yeast. (1T of active dry yeast)

4). Purchase a Gugelhupf, a Springform pan, and a Jelly Roll pan (at least 1"). 

5). A marble slab (if you don't have a nice countertop surface) is a must for rolling and kneading dough.