I have been researching for a long time, what tools to use, compounds, stains, etc, for my pipe making hobby. Initially I read the Pimo book, which I would highly recommend to everyone starting out @ www.pimopipecraft.com
I recently joined PipeMakersForum, just so I can read what the people who actually know what they are doing, are saying. I haven't posted there yet, because I'm such a noob, but I did find a terrific article that is stickied in their
[Pipe Making -> Tools and Tooling] section
It is called "What tools do I need to buy to make pipes?"
I don't want to be rude to that board over there by posting the text here, but have a look and see what Mr. Huhn says. For those of you who have been thinking about "drill press versus lathe" or "how to I turn a stem or make a tenon?" many of those questions are answered for us noobs. (Forgive my gamer geek lingo "newbies")
After reading the Pimo book, making a couple of pipes, his article was quite enlightening. It seems that power tools, in general, speed up the production process, but somethings appear out of reach to the beginner, without the pre-requisite skills and tools.
So, at any rate, I hope you find this helpful.