I would tend to agree with all above. A drill press is a great tool to have. A vice and a variety of files along with a hammer, some sand paper and a couple of backing sticks and you're in business to build from blade blanks. A band saw allows cutting scales close to final shape and saves a lot of filing time but isn't required. A cheap coping saw would work too. A hand drill works ok for drilling pin holes for full tangs, but a hidden tang would be pretty tricky without a drill press.
When you get ready to do your own blades, don't be scared by the $1000+ price tags on a good belt grinder. I built one from the no weld grinder plans that Midwest knife supply sells. It works great, was simple to build with basic hand tools, and cost me in the neighborhood of $500 with a brand new 1 1/2 hp motor. Still a lot of money, but at 1/2 or even 1/3 of the price of some others, it's a little easier to come up with. I've seen other home built grinders that look prettier than the no weld plans, but I'm not sure of the price or how hard they are to build.
Matt Toms