In the premium lesson, you'll learn how to simplify your painting process using a limited palette, specifically the "ketchup and mustard" palette. This includes practical tips on selecting affordable yet effective colors, like Winsor Newton's yellow ocher pale and alizarin crimson. You'll also get guidance on choosing the right brushes and tools, such as Master Stroke finest red sable brushes and a reliable palette knife. Additionally, the lesson covers how to mix and use a painting medium of walnut oil and Gamsol for optimal drying and safety. These insights aim to enhance your painting efficiency and creativity.