This list is taken off of my original main site:
Here is a basic list of tools below both hand and power tools. This list is basic and gives the modeler some ideas. Bold items are what I consider a must. It also depends on what "stage" or "phase" you are in the building process.
For instance, you will be starting with the Frame and Hull:
Therefore decent 6" mini bar clamps are needed, Wood Glue, Mini-Anvils as weights, Machinist Squares, Sand paper and files for fairing the hull.
You will need a "Building Board" that will hold your frame and model for a fairly long period of time to keep it stable.
Then the Deck and Deck Furniture:
Sand Paper, Xacto knife, Tweezers, Calipers, Small Steel ruler 6", Pinvise and small drills (very small), diamond needle files set, CA Glue, etc
Then the mast and yards:
Small Hand Plane for tapering mast yards, tweezers, scissors, Pinvise, 0 setup centering ruler. Exacto knife. If you have a lathe that is great as you can taper your yards, Sewing Needles that have the eye for sails, etc.
Then Rigging:
Tweezers, beeswax, hemostats, scissors, etc.
The above is not definitive, but a start.
6" Ratchet Bar Clamp/Spreader
6-pc. Mini Spring Clamp Set
Model Makers Hemostat Set
Hull Planking Clamp set
Alligator Clamps, Insulated, With 1/2" Jaws
Vises of various sizes.
Mechanical Pencils
Colored Pencils
Highlighters
Digital Caliper
Stainless Steel ruler
Ruler with 0 center marking
Solid Steel Jewelers Block
Drill Bit set from .1mm to 2mm
Drill Bit set from 1/16" to 1/4"
Exacto Knife set with #5 handle
Clamp on Magnifying lamp with Fluorescent bulb
Metal Triangle
3" Machinist Square
6" Machinist Square
Variable Speed Rotary cordless tool
Rotary tool assortment
Bees Wax
Picks and probes
mini plier set, cutter, nippers, long nose pliers
Mini Hand Plane
Tweezer set
Midwest Miter Box with Saw
Pin Vise
Mandrels
Hobby Hammer
Paint brush set
Diamond Needle file set
Sandpaper
Very small scissors
Wood Glue
Cynoacrylate (CA) glue
Epoxy
Assorted sizes of wood dowels, small planks to make jigs and fixtures.
Good Point and Shoot Camera
Photo Shot Box
Disk Sander
Disk grinder-buffer
Mini Drill Press
Scroll Saw
Band Saw
Mini table saw
Lathe