The standard advice on tools is: "buy the best tool you can afford." Over the years I have found this to be solid advice; I think it applies to lots of other purchases as well, with some caveats based on actual use. You can compare this to a person who buys a $6,000.00 bike to ride at 12 mph around the park for 6 miles every month or so. I am sure it is a heck of a smooth comfortable ride, but a bit of a mismatch between what the bike is designed to do and how it is being used. Even with this, if somebody wants to spend their money this way, it's up to them.
I own an excellent set of craftsmen wrenchs and sockets in both metric and standard sizes. I've had them for over 20 years and they still look and work like new...I was in my early 20s when i bought them and thought they were more expensive than gold, but money well spent. About 6 months ago I bought a basic bike tool kit from Dick's Sporting Goods on sale and used a $20.00 off coupon I had from them: net cost about $25.00. Nashbar sells the same kit under their own brand name for I think about $40.00. These tools are clearly less well made than the craftsman tools that I own, but I use them only here and there (e.g., I just replaced my BB and used the tools to do this...I doubt I will need to do it again for a good while). I am certain that the Dick's tool kit wouldn't last more than a month or so in a shop where they needed to be used every day. I also doubt they'd hold up to any abuse (e.g., there were recommendations to use a small sledge hammer to help loosen the BB. I have hit the craftsman tools with hammers, etc. and they are fine. I doubt the Dick's tools would hold up to this abuse). So, while buying the best tool you can afford, be realistic about its use. If you truly plan to use them a lot and want them last a life time, buy the good stuff, which means you have to spend the money.
One other thought for basic, non-bike tools, like wrenchs, socket sets and so forth is to try estate sales. You can often find them at very good prices this way.
As for the stands. I currently hang the bike from 2 chains and I have been researching a real stand. My sense is that going into the $150.00 plus range is necessary. I have gone into a few LBS and looked at the stands and you can see the difference in weight and quality as the price goes up. Here the "buy the best you can afford" advice seems to apply strongly (as opposed to the "what are you willing to pay" approach). When I've asked questions from the guys at the LBS, they point to stability of the stand--you want the bike held firmly; ease of use--which seems to relate to the clamping system mostly, and versitility--can you clamp the bike into a position that makes working on it easier...non of this seems to come cheap.