The best and easiest way to get information for travelling in the Faroe is the Faroe Tourist Office (again a different webpage...). They publish really good guidebooks in several languages (travel in general and hiking), which can be downloaded. They send the guidebooks to your home adress free of charge, which is a good service.
With the webpage and the guidebooks you are set! There are some printed guidebooks available in German and English, but for a normal visit you do not need them for travelling. If you are interested in background information about the country, get them as well!
Last but not least how to organize everything? You can do as I did, decide where to stay with whatever information you get or need, find a place to sleep thats it. It takes some time, but basically it is not very difficult (as soon as your mails are answered...). The other option is to call/mail one of the local tour organizers (you find them in the VisitFaroe page). they will take care of a car, accomodation and so on. It is your choice! It is an option you should consider as getting accomodation can be a lengthy process as you have to contact the tourist offices in each region, unless you book into the hotels which are often fully booked anyway.
One final, for some people a very important bit of information. Camping is allowed only on designated areas or with the consent of the property owner. This is true as well for campervans, mobile homes etc. Some people may find this sad, I think it is a good thing. Space is limited on the islands and farm land and good pastures are treasured. Uncontrolled camping will eventually destroy a place or pollute farmland or streams. During my visits to Iceland I witnessed how unmanged camping will destroy and area.
At the moment the people in the countryside of Faroe are extremely friendly and helpfull. It would be really sad, if this would change due to abuse of parking places, fields or pastures.