Cameron,
I find it doesn't take a large assortment of tools to carve braces. Here's pretty much all I use:
I use the 1/2" chisel mostly for scalloping the brace ends, although I will also use it at times to shave contours into the lengths of the braces. But for most of the contouring work, I prefer using small planes. The one on the right is an old Stanley that can be found on eBay for pretty cheap. The small brass plane was made by a fellow in England, first name's Mark -- don't recall his last name -- but I think he might be a member here. It's a nice little plane and allows me to get the contour close to the glue joint. Number one consideration for your chisels and planes is that they are sharp, or else you'll get chatter and/or tear-out.
I use emory boards to smooth down the braces after planing.
To remove glue, I use a piece of mahogany that was an offcut from bandsawing a neck to its rough outline. It looks like a long, flat, tapered stick. I put an angle on the thin end and sanded a bevel into it. Works just fine for my needs.
Best,
Michael
