Hi Paradox. Congrats (in advance) on being owned by a cat! I've been owned for about a month and a half now by my two kids and it's a very rewarding (and sometimes frustrating) experience. I don't really have too much to add to all the advice you've already received, especially since it's my first time with cats too, but I can share some of my experiences with you.
First off, shelter cats are awesome. Both my boys came from shelters, and I love them to death. As for choosing/being chosen -- well, I chose Kain (my 7 month old and the one I got first) and Link (my just-turned-four months old boy) chose me. Either way, I love my boys dearly, but Link is by far the more affectionate/lap cat-ish one of the pair. Kain isn't a shy/scaredy-cat type of cat, but he's not so big on the petting and cuddling. If you end up getting this little Ragdoll kitten, I don't think you'll have too worry about a lack of affection on his/her part. :) From what I understand, Ragdolls are a very aptly named breed of cat.
If you really want to get a specific breed of cat, I'd suggest going over to the TICA (the international cat association) website and clicking on their link for purebred rescues. TICA also has some good, basic info about what questions to ask when adopting. I don't know what sort of vaccinations/tests are SOP in Australia, but boy my boys were tested/vaccinated for FIV and FELV -- this test is especially important if you're going to have an indoor/outdoor kitty.
As for toys, beds, etc., I generally agree with everyone else -- save your money. Of course, I don't actually practice what I preach because I think all the toys, etc., are just too cute and I can't go to a pet supply store without buying at least one toy for my boys. I would recommend buying at least one of the following toys though: a laser pointer, and Da Bird (made by Go-Cat). Kain, who shows only mild interest in most of the other toys I have for him (including the two other teasers I bough) goes absolutely nuts over both the laser pointer and Da Bird. Money well spent, I think. Also, try a variety of different "types" of toys (ping pong balls, wadded up newspaper, paper bags, cardboard boxes, toilet paper/paper towel tubes, tin foil balls) to see which one your cat likes best. As previously mentioned, Kain is not a big "toy" kind of a guy, especially if he has to expel some sort of effort to make the toy move (what, him work? isn't that what his human is for? ^_^) and he appears to be indifferent/immune to catnip. As an aside, according to wikipedia, this catnip immunity/indifference is very common among cats in Australia -- not sure if it's true or not, but not being tempted by catnip can make making a toy interesting to a semi-lazy cat a challenge indeed. Anyway, I think a good rule of thumb for cat toys is: rattle, wrestle and rotate. That is, get a toy that makes noise when batted, get a toy that can be wrestled with (it can be a very small toy, say about the size of a racquet ball or smaller) and rotate the toys to keep them interesting. If you do play with string/yarn with your kitty, make sure he/she can't swallow it -- that's very, very bad for cats.
As for the beds, I agree with what everyone else has said -- wasted money. I bought a cat bed for Kain when I first got him, after reading on the internet that cats need a place of their own -- Kain hasn't used it once. Link, on the other hand, loves to sleep in it (although I had to put one of my shirts in it to get him to use it for the first time) so at least it's getting some use. :) Mostly, though, my boys sleep where they want to sleep. Towels, sweaters, bathroom mats, half-full laundry baskets are all wonderful beds for cats, as are cardboard boxes.
The two places I would suggest spending money are on a cat tree and a scratching post. See if you can get a good tall one off of ebay. I have one that's maybe 2 feet tall and my cats love hanging out on it (although I can't help but feel that they'd like it more if it was taller/more complex). The cat tree should also help you with any scratching issues you might have, since they're usually carpeted and/or have a sisal rope scratcher. As for scratching...well, from my personal experience, not just any scratcher will do. I have 4 scratchers in addition to the cat tree, because it took me that long to find a scratcher Kain will use. I originally bought him an inclined cardboard scratcher and a (too short) sisal pole. Kain refuses to have anything to do with the cardboard one (and I tried to train him to use it, I did), and he tried the sisal pole but decided he liked the faux-fur base more, and the carpeting in my apartment the most. I also tried a hanging sisal carpet scratcher before finally breaking down and buying a nice looking carpeted scratcher which he loves. The point of this rather boring anecdote is the scratcher you want your cat to use may not be the scratcher he wants to use. Also, get a scratcher that can be used by both horizontal and vertical scratchers -- Kain likes to dig his claws into the base of the scratcher and pull back, Link likes to reach up to scratch -- and get one that's at least 28 inches (or roughly 76 cm) in hight. I'd also invest in some double sided tape (cats hate sticky stuff on their paws) to put on your furniture to discourage scratching.
Most cats should be flea free and clean if you adopt from a shelter/rescue, so don't worry too much about bathing. I would suggest getting your kitten used to you handling his/her paws, ears and mouth, though, so you don't have as big of a fight when it comes time to brush his/her teeth, clean his/her ears, and clip his/her nails. I find that the one area that I constantly have to clean on my cats are their back feet -- they sometimes come out of their litter box with poo covered feet, which may be a sign that I need to get them a bigger box and that they have poor litterbox manners. You can also get them used to being bathed. There are a lot of sites on the net that discuss bathing your cat, and I've bathed both of mine and come out with only minor scratches and a wet floor.
As for your concerns about getting scratched at night...so far I haven't been scratched by either of my boys when they wake me up, but I have been bitten. Kain used to wake me up at 4 AM every morning by headbutting me and biting my face (not hard enough to draw blood and purring all the while) because he was hungry/bored/wanted to play. Since I adopted Link, I get bitten less and woken up later (at least by Kain; Link now wakes me up by kneading my stomach if I'm lying on my side -- he does love my flabby belly). Both my cats do wake me up in the middle of the night/early in the morning though, and as I understand it, this is a fairly common experience among cat owners.
I have no real advice for you about naming your cat, except to paraphrase the words of my favorite author, Terry Pratchett: when naming a cat, make sure it's a name you won't be embarrassed to yell out in the middle of the night while searching the neighborhood for said cat. With Link, I just looked at him and knew he was a "Link". With Kain...well, I more or less ended up with that name because I couldn't just keep calling him "you". Knowing him better now, I'm still not sure what his name really should be, so I guess he'll just have to put up with being called Kain for now.
I can't wait to hear about the kitten that chooses you!