Well, IMHO, the most critical piece of equipment in a shop is also one of the cheapest, a drill press. You can profile with a hacksaw and a file, you can set bevels with a sen and a file, you can shape wood with a coping saw. But it's very difficult to drill holes straight without a drill press.
You can grind the most beautiful blades in the world and if you don't drill holes straight and perpendicular to it, it will look bad when you put the handle and guards on.
At 50 bucks for a little tabletop version, there's no reason to try and fight with a handheld drill either.
James
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Those who are willing to trade freedom for security deserve neither, and in the end, seldom retain them!