Boy you guys are going to easy on him, this is the FF forum after all - we love spending other peoples money! No two post lift? No welder and tubing bender for the roll cage? No bead roller or punch dies for that custom aluminum interior panels? No hydraulic press for those axle bearings? No blasting cabinet and powder coating machine? No 60 gallon air compressor and air dryer? No paint booth? You guys need to take some lessons from the roadster guys

Seriously, at some point you'll want to think about how to lift the engine/trans when the time comes. You could probably rent a hoist when you need it if you don't want to buy one. If your buying a crate engine you probably won't need an engine stand (but they are cheap and plentiful used). You can probably get away without an air compressor, but ti's one of the versatile tools in the garage and it just makes so many jobs easier - especially if your doing any bodywork. As far as a jack, keep in mind the hot rod sits pretty low, so the small 1-1/2 ton jacks can lift the load ok, but they have limited reach and lift and some times they can't pass under the car far enough to grab the middle of the frame (I like to lift as the X brace just in front of the engine).

The largest driver of what tools you will need will depend on how outside the box you want to go. If you are going to build by the book, then you literally could do it with hand tools. As soon as you start customizing and making modifications is when you start to need more specialized tools.