Keep on climbing
Join Date: Apr 2004
Location: Marlborough, Massachusetts
Bikes: 2004 Calfee Tetra Pro
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The "special tools" needed to build up a bike are for installing bottom brackets and headsets, neither of which you have to worry about. You're going to have to be choosy about cranks, as the crank-arm / bottom-bracket interface is far from being a single univeral standard. The most expensive item you have left is wheels. It also looks like you have a threaded headset, meaning you need an "old style" quill stem, which could be interesting to find. Plus side is that they're going to be cheap, and narrow-clamp-region handlebars that fit into quill stems are going to be cheap as well.
Generally building a bike up from scratch isn't any cheaper (and is usually more expensive) then buying one stock, but then again, you have the most expensive part (the frame) with the "hard" stuff installed (headset and bottom bracket), so you're well ahead of the game. I'd just price it all out -- brakes (if you're going to be using them), cables, brake levers, stem, handlebars, seatpost, saddle, etc... If you go the Ebay route, you'll almost certainly come out ahead. A 5mm allen wrench is going to be sufficient to put virtually everything on.
Edit: ok, cranks don't install with a 5mm allen wrench -- that's a bolt that's somewhat bigger. I think mine went on with an 8mm allen wrench. And a cable stretcher (third hand brake tool) saves a lot of aggravation with brake installation.