Ouch on the price of your wood per board ft. One of the reasons I just piece together whatever hardwood I have to make a stock. Presently making a stock for a gent and so far it has popular, Chinese parquet wood, cherry and oak and even some cabinet grade pine used in core of stock. LOL, yea I use a fair amount of glue.
As to tools needed: I get by with your basic chisels, dremel tool with a nice assortment of bits, table saw, chop saw, band saw, drill press, belt sander and a palm sander. Do have a planer, both hand electric and a bench type, and occasionally use them to plane a piece of wood. Wood rasps are used on occassion to shape with, but generally avoid using them. Have other power tools such as a router, but seldom use it since I find it to too easy to make a mistake with one.
FWIW, most of my shaping of wood is done with a bandsaw, belt sander, a palm sander and chisels.
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