For this project it is advised that you use materials and tools that you have access to. I also advice not to go out and spend a fortune on your first endless sketchbook.
If you want your endless sketchbook to look line mine then here are a couple lists to get you might want to look over. Materials
Paper or sketchbook to draw on
MDF (maximum density fiberboard)
An old bike wheel or spokes (generally free at bike shops)
Drill bit rings (I'll talk about these later)
Aquabee Super Vel 565 (or paper equivalent)
Double sided tape
A paper cutter ( nice to have )
Ruler or measuring device
*I don't have a lot of tools and actually bought a scroll saw off of craigslist
craigslist for this project. As I plan to actually create more things, I plan on getting the proper tools.