RE: Most important piece of equipment?
I'm shocked that no one has yet mentioned the Dremel tool. I got halfway through my first (scale) build before I bought one (about $60) and I can't imagine life without one. While it probably isn't necessary for a small, simple build, for anything more elaborate, you'll be using every single day. Beyond that, as others have said, the most used tools are an exacto knife (#11 blade) and sanding bars.