Tangus,
What tools do you already own? How much are you willing to spend? How serious are you about knifemaking (i.e., do you want to make more than a few)?
Knives can be made with files and sandpaper, or you can spend thousands on grinders, drill presses, buffers, and band saws. Most of us have had to start off small (files, sandpaper, and inexpensive grinders) and work towards better and more expensive equipment. I would definitely hate to profile a blade with a hacksaw and files again. Grinders are a totally different animal and require some skill to make a blade. You will not be successful on your first attempt, and I recommend you practice with cheap steel first. Try to find someone in your area willing to show you the ropes, or at least purchase a video on grinding. Also, read the archives to obtain as much information as possible.
My own shop includes the following primary tools: Grizzly 2X72 grinder, bench grinder (shaping profiles), Craftsman 1X42 (handles), a drill press, assorted vises, and a granite countertop for sanding. Of course, the small items also add up to quite a large amount of money (sandpaper, belts, handle material, epoxy, pin and bolster material, etc. Mine is not a very large shop and I am not a full time maker (more like spare time at this point).
Wayne Goodard did comparison tests of the stainless steels (ATS-34 and 440-C/cryo treated and not treated). The cryo treated blades performed better in cutting tests. Most makers seem to agree there is a benefit in having your blade cryogenically treated.
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None are more hopelessly enslaved than those who falsely believe they are free. -Goethe
