Hi, lurenerd, depends what how far you want to take it and which wood you intend to use. I can make cranks using just a chisel a file and drill. However if you plan on getting into making a lot of lures then the following is what I use a lot- bandsaw, combi disc/belt sander, pillar drill, standard power drill, carving knife(I use chisel) various drill bits including forstner bit for ballast holes.wood gauge or v.block for marking centre lines along blank length(various options for this, easy to make ).like I say, you can make blanks as good as any with just a saw for rough shape, a knife and a rasp or file.But if you think you might get into lots of lures of different types etc.then bandsaw, sander and drill are sound investment. I also use small router table a fair bit for rounding edges on some lures .hope this helps