As Sam says, for development, use the dev server. Using a "real" server is actually more of a pain because you have to make sure it reloads your project when you make edits. You can also beat it into hosting all your media while in a development environment, if that's what you need (as most people do).
As far as IDE's go, Python is a hard language to provide auto-complete features for due to its dynamic typing. That said PyDev (an Eclipse plug-in) can make life easier for you but it's really down to personal choice.
Half of Django is writing HTML templates, so make sure you've got a good HTML editor to hand as well. Eclipse (IMO, naturally) is far too clunky for this (even with Aptana, et al plugins)