Are there any good tools for researching what keywords I should target? For example, for a client who imports components from the Far East, is there a tool that would tell me that "importing comoinents Far East" would bring more/less traffic than "import components Far East"?
The Google keyword tool is what you are looking for: https://adwords.google.com/select/KeywordToolExternal Be sure to switch the match type to 'Exact' after searching, otherwise the search volume numbers also include any longer phrases that include those keywords. In addition to the Google keyword tool, many people use WordTracker, but it is a paid service. There is also paid software called Keyword Elite.
The tool that I use is the Adwords Keyword Tool. However, some use SeoBook's Keyword Tool too. Take your pick.
I have personally seen just how ineffective a campaign can be by not having the Exact Match type. The longer keyword searches lead to non-relevant.
I'm also using Google Adwords keyword tool for selecting best keywords. You can also use DP keyword suggestion tool: http://www.digitalpoint.com/tools/suggestion/