Short answer is, if you've got the tools you'll probably do the job. If you ain't, you won't

I've got one of the LIFU sets and agree that they're cheap but they'll do, just like your first bike is probably cheap and then.... you're set for a lifetime of upgrading (unless you get Park tools, in which case you're set for a lifetime of fixin'n'fettling).

and then the local kids will come round and ask you to fix their cheap'n'nasty Toys'R'Us / Walmart rubbish