Chris, as Brian mentioned, get the best you can afford.
For me I've migrated to, and existed on, a few fundamental basic items I now wouldn't be without.
A Proxxon drill.
ERSA 80W soldering iron.
Valorbe needle files.
A digital caliper, recently a 150 mm one from one of the big trade show stands, not as good as my original better 300mm was confiscated by Chinese airport security who considered it a weapon
.
Taps I bought from a link Adrian Cherry supplied on WT at some point. I have 6BA through to 14BA, never used the 6 or 14, use the others all the time. 8BA to chassis fixings, 10BA for crankpins and other smaller details, 12BA for brake gear etc.
You'll also need two reamers, 4.00 mm and 4.80 mm again from a link Adrian supplied on here.
Some pin vices and a set of broaches are also advisable. There are two types of broach, ones just for smoothing, most common and ones for cutting. The smoothing ones will cut, especially in brass etc, but they tend to leave a raised rim around the hole, the correct cutting ones wont/shouldn't.
Broaches usually come with a small plastic handle, it'll break in time, at which point I stick them in a pin vice, much easier to handle, or if you're smart, stick them in the pin vice before they break.
Crankpins, I just use Slaters stock bushes, drill out and re tap to 10BA, you need to do the same with the wheel as well
Will any of these make you a better modeller, probably not, but they will almost certainly make it easier and significantly less stressful and being as this is a hobby we do for fun then stress should not be a factor, if it is then y'all doing something wrong.
Mick D