[The CyberPoet]

Here is what I use the most:

set of T handle Metric Allens
set of Metric sockets
set of Metric combination wrenches
Torque wrench (Cyber says bar type, I like clicker)
Suzuki oil filter wrench (for removal)
set of Metric allen sockets
18mm spark plug socket
set of screwdrivers
Bel-ray chain Lube
WD-40
Scott Shop towels
my Clymer repair manual
set of feeler gauges (for valve adjustments)
parts from Special K

Other than an oil drain pan I can't think of anything else I have used yet.

EDIT: All of my tools unless otherwise noted are Craftsman.

Ditto on the Craftsman brand endorsement for hand-tools.
Add on:
a 3/8" rachet with a pivot in the shaft
various sized extensions and universal adaptors
impact driver & hammer or mallot
multi-meter, extra set of cables with aligator clips.
carb sync tool (I use a Morgan CarbTuneII -- around $105 last I checked)
two sets of feeler gauges (actually, I think I have about 8 sets)
Factory repair manual
Electrical crimpers, wire cutters, needle-nose aka bottle-nose pliers
vice-grips, several
safety wire pliers, safety wire.
chain alignment tool (motion pro, or Profi laser tool)
valve adjustment tool (see my KR Special Offers thread for the OEM one cheap)
bulk shop towels (washable cotton; harbor freight, BigLots, JC Whitney)
dielectric grease
anti-seize paste
a step-stool or other low seat.
etc (I do have years of tools)

For you, I'd specifically suggest starting with one of these tool kits (see sears.com and look up the part numbers):
137 pc Mechanics Tool Set w/ case: $119 Sears item #00934137000
154 pcs Mechanics Tool set w/ case: $149 Sears item #00946573000
213 pc Mechanics Tool set w/ drawers: $199 Sears item #00934183000

I'd wait until they have a sale -- these items normally drop by 20% one week every month or two.

Then add in:
Beam Torque Wrench, $25 Sears item #00944690000
Craftsman 11-9/16" Flex-head 3/8" drive rachet, $20, Sears item #00944815000
Craftsman 26 pc Screwdriver set (currently on sale for $20 instead of $40), Sears item #00947148000

The rest can pretty much come from anywhere -- cheap is good as long as it's not utter crap. HarborFreight for much of it...

Cheers
=-= The CyberPoet

[Meikol2]

Well now that Cyber has added his list. I have used most of that stuff on his list as well. I didn't realize I had used so many tools.

I use the Morgan CarbtuneII as well. Really well built and easy to use. Even better if your Brother -in-law buys it and lets you use it as long as you want And his Motion Pro Aux fuel tank. Makes it easy to set up for Carb sync/tuning.

Thanks Cyber.

[The CyberPoet]

I use the Morgan CarbtuneII as well. Really well built and easy to use. Even better if your Brother -in-law buys it and lets you use it as long as you want And his Motion Pro Aux fuel tank. Makes it easy to set up for Carb sync/tuning.

I go real cheap on auxilary fuel tanks -- a gallon plastic gas can set atop a chair on the wood box or work bench (so that the hose will gravity feed) works and does double-duty as a spare gas can when not in use as a fuel feeder for carb sync'ing.

Note that everything recommended is just that -- recommended. You can get by much cheaper if you need to using the tools in the bike's built-in tool kit and augmenting that just a little (such as the torque wrench, which is pretty much a must-buy item). Still, a Craftsman mechanics' toolset on sale is the best starting point, and I think every 14 or 16 year old in America should be given one as a way to encourage them to tinker. After that, you add on as necessary or as your budget allows, tool by tool...

Cheers
=-= The CyberPoet

[illinoiskat]

Maybe you should buy most of it as you need it.