Thinking of building a bike. I have some experience with this sort of thing. For fun I restore old wood working machines. My question is if I can save money and end up with a better bike by building my own? My budget for a new bike is around 600 dollars, so could I spend that money on parts and get a better bike in the end?

This is probably not the right forum because I do not want to build the frame but use a pre-built frame. I just could not find a more appropriate forum.

Regarding tools, I have no bike specific tools but I have everything else including a six ton hydraulic press.

Any guidance would be greatly appreciated.

In general, the bike manufacturers can get very good pricing on the components they spec. Therefore you would have a hard time beating their price if you do it yourself. If you are patient, you might be able to do well by buying closeouts and sale items but that will take a very long time. A used bike might be your best bet. Since you appreciate older wood working machines, I suggest you spend some time over at the C and V forum. A top of the line Campy equipped road racer from the 70's or 80's will fit you budget.