My list of tools I currently use on most builds is a lot like
@bjphoenix: hobby knife, sand paper, aluminum angle, sand paper, ruler, sand paper, razor saw, sand paper, sanding block, sand paper. Oh, and sand paper.
Some sort of jig for aligning and attaching fins; I love my plastic Estes fin jig, but I seem to be in a minority there. Whatever kind you prefer, having one of those has improved my accuracy and quality many-fold.
My sanding block is a 6 inch long piece of S4S oak 1×4; I probably should try one of those fancy-pants purpose-built sanding blocks to see if it's really any better.
I have a rule about buying tools, provided they're affordable. If I need a thing once and can make do, I make do. When I need it a second time, I buy one. I made do once when I needed a sanding sponge by taping sand paper to a kitchen sponge. There are likely to be some sanding sponges in my near future.
If I had a big budget, the first thing I'd get is a laser cutter. (I have a friend with a 83D printer who'll print stuff for me already.)
Those are the things I use the aluminum angle for.
For that I like the leftover strips of balsa you get when you cut fins free from their sheets in kits. Other bits of balsa scrap come in handy for this and that, here and there. If I don't have such scrap handy, I use babboo skewers.
I don't have one of those, but when I've used them in the past, for various things, I've liked the ones that are just the metal strip a lot better, because I like the metal to lie directly on the thing I'm measuring or drawing on or cutting, without the gap between metal edge and work piece that the cork creates. To each his own.
That's not a rocketry tool, that's just part of getting dressed in the morning. That comes out of my pocket at least a dozen times a day for so many purposes (including rocket construction once in a while) that I tend to take it for granted. I have an Explorer in my pocket, and Spartan in my range box.
Oh, lah dee dah!
And one last thing: sand paper.
I'm reading this thread to pick up tips for myself more than just to throw my 2¢.