I have been using ubuntu 14.10 from a persistent liveUSB on my laptop (that is running windows) for the past one week, and have installed some tools and saved some files on the USB. Now, I have a new PC on which I am planning to install ubuntu from this same persistent liveUSB using the "install ubuntu 14.10" application. This way, would I be able to transfer all the tools and files I have downloaded?
You can copy the files but if you install it will install the default ubuntu desktop without any additional tools or packages.
Probably the easiest way to transfer the files is to first do the install, then before you reboot, mount your fresh install and copy the files.
Assuming you install Ubuntu onto /dev/sda1
sudo -i mount /dev/sda1 /mnt cp your_data /mnt/home/your_new_user
Then boot your fresh install, you may need to change ownership of the files
sudo chown your_user:your_user -R ~your_user