Even when leather tools were cheaper, they weren't exactly "cheap". For a long time I did all of my tooling with 3 tools.
I never really cared for the craftools and found them very limiting.
I eventually discovered that as long as I had access to large nails and bolts, I could make most of what I wanted for modelling and stamping. I just used a dremel tool or a grinder to shape them. Amazingly enough, I've also discovered that if you are nice to your local jeweler, they will chrome plate items for very cheap. This way the nails won't darken your tooling. If you cannot find a jeweler willing to do it, you can find inexspensive plating kits (approx. 30.00 USD) through a jewelry making supply site.