Get a GOOD torque wrench, a nice set of sockets (metric and SAE, Mustangs use both for some reason), a nice ratchet that can bend and swivel for those hard to reach bolts, and a set of pliers (needle nose, wire, plumbers, etc).
The torque wrench I guess only applies if you're doing work on metal-to-metal connections like spark plugs, head work, intake, etc. You really should have one, but most jobs can be done without one as long as you don't go overboard. I recommend SK torque wrenches. You'll want one that can go from about 10 ft/lbs to 100 ft/lbs. Pretty much everything on your car will fall in this range.
For socket sets, get something with a lifetime warranty. I buy Craftsman sets, because you can get them all day on eBay for like $15 shipped, and if they ever break for any reason, you can take them to any Sears and they will replace it for free. No receipt, doesn't matter if they're 30 years old. If it's broken, you get a new one. I believe Kobalt (Lowes) and whatever Home Depot's house brand is has the same warranty, but I'm not 100% on that.
Make sure you get deep-well sockets in addition to the normal ones, as well as socket extensions. On cars, you use those all the time.
For things like pliers, I usually just shop at Harbor Freight. I know they're garbage, but all I need them to do is pinch stuff. I don't use them too often, but when I need them, I REALLY need them.
Then, just pick up screwdrivers, maybe some open-ended wrenches, and you'll be good to go! I did my entire supercharger install using just a ratchet, torque wrench, cheapo pliers and a screwdriver.
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