Depends on the era of bike you plan to work on and what you plan to do. Might be a lot of extra stuff in those kits you might never use like a threaded headset wrench, or all those cone wrenches. Don't have a truing stand and/or don't know what you're doing? Do you really need an asst. of spoke wrenches?
A contemporary road bike from the last couple years requires quite a few different tools, then bikes from the 90s or 80s, so if it was me wanting to put together a tool set from scratch I would first assess the bike(s) I wanted to work on and acquire tools on an as needed basis.
Starting with the basics - a good set of Allen Keys or multitool, appropriate sized torque wrench kit(s) and bits, chain tool, pedal wrench, bottom bracket wrench or tool(s) depending, cassette lockring tool, chain whip, good cable cutter, and tire levers. A work stand, perhaps?
You'll also need 'Normal' tools like phillips and flat screwdrivers, pliers, sandpaper, rubber mallet.
Consumables like grease, chain lube, t***** spray, loctite, carbon paste, degreaser cable crimps, headset spacers and electrical tape are all handy in a well rounded tool kit.
My 2c
Last edited by MagicHour; 02-14-15 at 02:12 PM.
Reason: Edit- seriously is Triflow verboten?