Maybe not the most cost effective, but not super expensive either. Find a good frame and get cracking!!!!

A good tool set is a must. Worth the investment and should last a lifetime.

Just to put my money where my mouth is, I'm building up a Ciocc frame. I have a wheelset and a pretty good parts reserve, but I'm still going to have to spend around $200. Total cost should clock in under $500. Not bad when you check new bike prices.