In my opinion, the two most important tools in my restoration shop are an electric welder and a set of oxy-acetylene torches.
Preference goes to a MIG machine as my all around go to.
Hopefully my new shop will see both MIG and GTAW (TIG) / SMAW (stick)
setups for total versatility.
A good quality cutting/welding/brazing outfit for the oxy/acetylene is a must.
Outside in the real pay cheque world as a Field Service Tech, one of the handiest things I use daily is a simple 20L plastic pail. Nothing fancy, even an old oil pail or whatever is handy. Good for garbage, scraps, tools, oil or whatever the task requires. I keep a stack handy in my service truck.
Every good resto shop also needs at least one engine stand, a few axle stands, a couple dollies on casters and either a shop crane (engine lift) or suitable chain fall.
A decent workbench with a hard surface top for beating on stuff coupled with a good 6" swivel base vise.
Then there is a good compressor, air tools chucks and hoses to go along with it etc.
Chop saw, drill press, hand grinders, clamps
Toolbox filled to the brim with every possible combination of sockets, wrenches, screwdrivers, hammers, prybars, chisels vise grips, pliers
And then there are the specialty items....