I started some time ago on cheap equipment and admit to hammer and block in those days. If your aim is to learn bicycle mechanics, then starting on cheaper equipment and slowly acquiring the tools you discover are essential is the way to go. As I migrated to more expensive equipment (greater risk from mistakes), I also began justifying more expensive tools. If all this is very new to you and it is expensive (relative to you), then LBS all the way. If you are motivated to learn this, get the tools and try it out on a cheap frame first.

just my opinion.

dbg