EJM73,
You really need a wheel truing stand. It can be done without one but, trust me, you really need one - even if you build the stand yourself.
Of course, you must have a good spoke wrench but you should also consider two other tools - a dishing gage and a spoke tension gage. These tools assure you have a quality build.
You will not save any money on your first wheel build if you buy those tools. Those tools help ensure you are building good wheels, as good or better than anything you can buy.
Do it yourself and use the tools and you will LEARN A LOT!
I do not regret having the tools sit unused for years or decades because I know they helped me build wheels that lasted that long. Plus, when I needed them, they were right there, waiting for me.
P.S. - my truing stand folds down to a small package and gets stored away in a box of parts.