As a mechanic by trade here are a few things I absolutely could not live without. The first is a good set of hand tools. If your working on the old stuff then standard sizes are enough, but if you get into anything 'newer' then you need to go ahead and add the metric stuff in the mix also. In the relm of hand tools the must have's are your combinition wrenches, standard and deep sockets, adjustable wrenches, vice-grips, channel locks,, etc, etc. Too, a variety of hammers from small ball piens to at least a 3# shop hammer and then on to a good 8# to 10# sledge are a must, not to mention the occasional need for a brass hammer and/or a 'rubber' faced dead blow.
As far as the powered tools a good, quality 1/2 drive impact (IR and CP are still two of the best) along with a compressor to run it. Most air tools are rated at 90psi and the CFM 'rating' is for a 15 second run time. In other words if the tool is rated at 5 CFM then it'll acually use 20 CFM if you have to hammer on something for a full minute to break it loose. Unless your doing alot of work like I do a normal 'home' compressor is gonna be fine for most people. Granted you might need to stop and let the tank fill back up after several runs with the tool but if your not charging by the hour and don't want to spend big bucks for a large compressor then you'll probably be ok. Another nice to have in the impact department is a 3/8 impact or butterfly wrench. These are great for removing things like oil pan bolts, sheet metal, etc. Basically anywhere there are alot of small bolts where the larger wrench is gonna be overkill. Before you look into anything larger like a 3/4 impct remember this. Many of the new, quality 1/2 drives are putting out just as much torque as some of the cheaper 3/4 drive wrenches do. In other words your better off to spend your money on a good 1/2" IR, CP, etc than to blow it on both a cheap 1/2 and 3/4 drive that ultimately won't do the job.
As far as larger tools, a grinder, and a press are great to have. One thing I haven't seen mentioned so far is am A frame. Personally I have an 8" I beam built in that I use in the shop and outside I use the crane on my service truck but if the A frame was the only thing I had I'd insure it had a capacity of at a minimum of 2 tons. That figure being increased if needed depending on the size machines you intend to work on. Along the same lines you'll need a couple of good bottle jacks, a floor jack, jack stands, etc. I saw a mention in another post about cribbing and using regular 2x6's, etc. Personally I wouldn't use pine for any kind of cribbing. Remeber, it's your life that's at stake every time you get under a machine held up like that, and personally I don't use anything but oak. Pine is way to soft and is subject to snap, crush, etc and is not a suitable wood for cribbing.
Beyond that I really don't know what else to tell you. I can say that as you start doing more jobs, regardless of how long you do your own work, or how many tools you have, you'll keep finding more things that you need. I've been collecting tools for most of my life and am always finding things I don't have and having to get them for one job. I've got tools on my truck and in the shop that I haven't used in years, but when that one situation arises where the tools is needed then it's invaluable.
The main thing is just remeber when your buying tools that each one is an investment so spend your money wisley. There are some things, like your impacts, where name brand tools like IR, CP, etc are a good investment regardless of wether your a hobbyist or a pro. As far as other hand tools, I know that everyone has an opinion, but personally I've got everything from MAC to Craftsman, to Northern Tool brand, to whatever, and each one serves the purpose for which it was bought.....and I didn't break the bank doing it. Good luck with getting things set up and if you have any more questions all you have to do is ask.......
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