Originally Posted by
3alarmer
.
...you will learn almost as much, and certainly be a lot safer in the wasting money on the wrong parts department, if you buy a bicycle that has all the original parts on it intact, disassemble and service all the bearings and stuff that needs fixed, and put it back together so it all works.
The whole idea of figuring out what works with what in an area where there are few universal standards is a distraction from the actual mechanical stuff you need to learn first, before you get into the more complex aspects of specifying components that will work well together with your chosen frame.
I agree, a complete restore, perhaps of a nice vintage racer can be almost the same as building a bike from scratch, but you get most of the parts you need with it.
There are some advantages of going full custom. You choose the cranks and other parts based on your needs, not based on what someone else thinks you should use.
One's tool selection varies a bit with how one defines "building from scratch", and exactly what the bike one is building. Cone wrenches would vary based on the hubs chosen, or perhaps wouldn't be needed during an initial install. Different bottom bracket tools would depend on the chosen parts. A truing stand would depend on whether you're building wheels, or buying pre-built wheels. And, an awful lot depends on how adept you are at either adapting tools that aren't quite made for the job. I.E. Improvising.