Okay Mike, here is what I suggest - and these are only my suggestions, not rules of thumb or anything.
Logic is good - will sync to incoming SMPTE/MTC - look that up in the manual, I don't have Logic, so I don't know HOW to do it, but I know it does do it.
Now, with indie and student filmakers especially, you never know what they are going to be using to shoot their film, maybe a DV camera, maybe 35mm - depends on how rich the kids parents are.

but it is pretty acceptable that a composer ask the director/producer for a work tape on VHS - you will want to specify which channel you want striped with SMPTE (or other time code) and the other audio channel should have (but not always) production sound (dialog, natural sound picked up by location sound). Also, it is good to request a screen burn of the timecode - that should go without saying, but you never know. It is my understanding that a lot of times, work tapes will be in 3/4 in. Beta format. These, I believe, have 3 audio tracks - 2 for stereo audio and one for the timecode. I can't afford a Beta deck yet, so I don't have all the details. Still, I think it is okay to ask for a VHS copy to work from even if they are only offering Beta.
I have a video editing program (
Vegas Video 3.0) but I only use that to make credits and to edit my demo video reel (something you might consider, though audio demos are still the norm, I think). Premiere will work for that as well.
Also, most of the time - sound design and effects are usually done by another person who has expertise in that field - but I know what you mean because I offer SFX services as well as music. If you do that, be prepared to make two audio masters, one with sound effects, and one with music, not one master with both. Most of the time, if the director is wanting to use outside music (your example: REM tune) that will probably appear on the work tape in the temp audio track (if there is one) to let you know where it comes in and goes out. This is most likely something that the post house will do. You probably won't insert that music yourself. Keep in mind, these kids in film school are being taught by the book and probably have this all worked out already - since orginal score is usually the LAST thing to do to a film.
To start off, you need a video monitor or TV (the bigger the better, you will see why when you start doing it), a stereo VCR - try to get one with single frame advance and a jog wheel. Toshiba makes an affordable consumer model with those features (+/- $120) but if you can afford it, you might want a pro or semi-pro deck. You will need a MIDI interface that can read incoming SMPTE, regenerate it and feed it to your computer as MTC (I recommend
the MOTU Micro Express or it's big brother).
A soundcard on your puter so you can get your audio out to an external mastering deck - DAT, CD-R, etc. Consider also getting a TASCAM DA-x8 multi track machine at some point (you will need a multi channel feed from your sound card for this one) so you can do "stem" masters - i.e. melody on track 1 & 2, pads on 3 & 4, percussion on 5 & 6, etc. (I am not being pro-TASCAM over ADAT, I just know that just about every post house has DA-x8's - it is kind of the standard) This kind of sucks, because it gives the post guys the ability to cut or boost seperate parts of your music, but it is the director's movie, so you can't be too much of a bitch about it. It is good in some cases, because if you give them a stereo master, the director may want to emphasize something in the SFX track - he may cut your entire mix - with stems, they can leave the melody strong and cut the pads, for example.
Don't expect these student film makers to just give you a work tape and say "Go for it, dude!" Although wet behind the ears, even beginners usually have an idea how they want the music to go. You may get some that don't have a clue and give you full reign, but most of the time (you will find out in your first spotting session and subsequent meetings) that they want something a certain way. Just wanted you to be prepared for this. Some of the better university film programs even have a required class called "Directing the Composer" so be prepared for someone TELLING you how they think the music should go.
But, first things first - get the gear you need. I was kind of all over the place with this post and probably left some stuff out. TexRoadKill gave you and excellent "what you need to get started" list a few posts back - I agree with him all the way.
Hope that helps.
Brad