I am a little confused. It seems as though you are talking about tools to build a car but you list is engine heavy. Some things I would look at borrowing, renting if possible because the tool budget and frequency of use. I am going to assume a whole car and this for a personal project, not a working shop.
You listed:
1. torque wrench, must buy
2. piston dead center stop, make one
3. engine stand, borrow rent
4. dial indicator, I would actually buy this and a dial caliper
5. timing light, borrow, after all how often do you use it?
6. cam degree wheel, borrow, used once, since in cabinet for ten years!
7. piston ring compressor, borrow rent
8. valve spring compressor, borrow rent
9. engine silicone, tool?
10. plasti gauge, handy stuff
11. assemblers moly lube, tool? You need a supply list as well!
12. socket set, ouch! None yet?
13. wrench set, ouch! None yet? One of the Craftsman package deals is best bet especially on a budget.
$600 is a tall order if you don't already have the basic mechanics tools, lets say you do. Here is what I would spend my six bills on.
- compressor, 1/2 impact, 3/8 ratchet and air hammer. package deal from sear on sale for 299. it comes with one of the stupid coil type hoses. add 30 for a 'real' hose.
- 4" ginder/cutoff. 20-30 bucks (check harbour frieght for great deals)
- touch up spray gun, 20
- large set of bits and a sharpener. HF has 115 piece titanium bit set and electric bit sharpener for about $65 total (I am assuming you have a drill!)
- air riverter, 20 (you really need to check out harbour frieght!)
- el-cheapo digital multimeter and curcuit tester, $10 for both
- cleco clamps and pliers, about 40-50 for both
Once you add in a good but reasonably priced torque wrench, dial indicator and caliper you are out of $600! There is still a long list of stuff that is good to have. Clamps of all kinds, variety of hammers, belt/disc sander, drill press, blasting cabinet, die grinder and attachments, punch set, pry bars, stethoscope, bleeding kit, AN wrenches, bench vise, dremel (SOOOO many uses), good steel rule and tape, a way to organize your tools so you don't end up looking through a drawer full of loose sockets!, jack stands and a good roll around jack, work seat on wheels and a roll around, good work light (the flouresent four bulb ones are nice), variety of compressor attachments such as tire inflator and blow gun, band saw, work bench, etc, etc, etc
Of course a good list of resources as well. Aside from many excellent suppliers that advertise here there is always Aircraft Spruce, True Sport, the metal warehouse, jegs and summit.
Sure you only have $600 set aside for tools?
Rick