I'm going to begin weight training soon (mainly to tone muscle, I don't want to build much mass), and I need something that will fit into a small area. Would a maximum of about 50lbs on each arm be able to do a decent job down the road? If so, I know I would need a weight set and pair of handles, but what else would I need?

well i believe it depends on what your looking for. I mean can u curl 50 pounds on each hand or should u start smaller and work your way up. Also you don't need much if u wanna do standing curls or something of that sort. But some other excercises such as sitting military press, or if you want to sit and do some curls you are going to want a bench or something. Make sure you can work with 50's before you start and think about the excersices you want to do

I didn't plan to start with 50lb weights right off, but work my way up to them and maintain myself at that weight.