Hi Peter,

I was in the same position as you when i built my first ST-1. I had most basic handyman tools including screw drivers and power drill. I then bought the pitbull sandpaper kit with my ST-1, a set of trojan small files ($10-$20), attachments for a power drill to sand and buff ($10), a coping saw ($8), a soldering station ($16) a multi meter ($10 - $20) and a soldering iron ($20). (these prices are approximate). Most of these were purchased from Jaycar or the big green shed.

For the headstock, I cut it with a coping saw, shaped it with 80 grit sandpaper followed by each grade of the pitbull sandpaper kit. The rest of the kit was built using the above tools, except fret leveling.

For the fret leveling, I made a levelling beam from an aluminium bar from the big green shed ($3) with some double sided tape and used strips of pitbull sandpaper kit. I tried to make a notched straight edge but failed miserably. A forum member Pablopepper saved me and made a knotched straight edge from acrylic and now I use it all the time. you can PM him and his prices are very fair.
I know that Gavmeister (and others may cringe) but I crowned the frets by carefully using the small trojan files, a plastic card to protect the fret board, buffed with pitbull sandpaper kit high grades and 000 steel wool and metal polish. Took a long time but worked great!

I followed this video: https://www.youtube.com/watch?v=PDy7cF255dY

Good luck