Grips are more peoples gateway to building. Never ventured into the air compressor realm, seems like it takes a bit of technique.
All you need:
hook blade
Solvent
Grip Tape
Paint pan
paper towels
don't even need a work area, can do it over a sink.
past that.
workbench/vice is the next thing. will help with gripping and easier building/epoxy.
then sandpaper for prep, epoxy, something to mix the epoxy, heatgun, hosel brush (manual, or drill bit attachment) gloves to handle hot metal.
dremel/hacksaw is pretty important as well.
if you need to do graphite, shaft puller needed.
ruler, scale, swingweight scale, ferrule installer - all nice, but not needed.
I agree regarding grips. I did grips over our work sink for a long time without even a paint pan.