JJ vs CC, Blah, Blah Blah.
I'm going to kick start the tech with the bottom of the ladder, The Drill (not Chivos Drill).
Anyone who know us at BCM knows we work out of a two stall garage without a huge selection of tools and other than a crappy drill press, zero machines. I rely heavily on the hand drill, I do a great deal of shaping finishing and polishing with a $35 Rigid from Home Depot. The key for me is a fairly wide assortment of wheels. I would guess 95% of these drill wheels come from harbor freight and they work fine. I've tried more expensive stuff but there's really not much difference.
As for the drill itself any electric drill will work but in my opinion the faster the better so if your going to buy one for this kind of work I would look for something in the 2500 rpm range. One thing I have noticed if used a lot the chuck will develop some end play and eventually a lot of play so we dedicate a drill just for this purpose as it will cease drilling nice round holes.
Below is the retired Black & Decker 2500. I wish this thing had an hour meter & I would say the chuck moves 3/4" side to side before it finally gave up.