I'm just gonna give you a list for now and it will be sort of combined with an absolute must and ease. And these are in no particular order.
1. table saw
2. drill press
3. planer
4. a good set of chisels
5. drill index
6. forstner bits
7. counter sink
8. a good wooden mallet ( I made mine from oak)
9. a variety of clamps ( C clamps, spring clamps, bar clamps, quick clamps)
10. good blades for the table saw and band saw.
11. a vise to hold the base for checkering and rough tuning.
12. xacto knives for cutting the lines for checkering
13. Belt sander for making the radius on your paddles.
14. Dust collector
15. chop saw or a sliding compound miter ( would be nice but not necessary)
16. chainsaw to cut your own lumber ( would be nice but not necessary)
If I think of anything else I'll post more later.
Matt...