Suspended even by a rope would be OK, but not ideal. Portable light is a very good idea, most will give off a little heat which should be nice too.

Don't give up on a workstand yet. I have picked up several good workstands off C/L, anywhere from FREE to $50 (OK I paid more for a PRS2 professional stand, but my other stands were all $50 or less). The free one was a $300 stand that the owner had taken apart, and couldn't figure out how to put back together (he disassembled a fairly complicated mast, into each little nut/bolt washer/bearing/etc. Took me about 45 minutes to get it back together. I am still using that stand quite a bit. Saw one on C/L last week for $20, someone got to it sooner than me.

I would post a WTB workstand in your local C/L.

Of all my tools, my top priorities are a good work stand, a good chain tool, and a good cable cutter. The other tools to me are less critical. The only tool on that list that I bought new was a Parks CT-3 chain tool. Over time, I have accumulated a variety of bike specific tools on a as needed (or thought I needed anyway) basis.

Happy hunting.