My favorite tools for knitting are the ones I have made myself. I have a series of tools I use to make recycled self striping yarn.
I start with thrifted sweaters, usually cellulose fibers and/or silk. I frog them and ply the resulting yarn on my spinning wheel. Then I wind the plied yarn onto my super skein maker (which is actually a homemade pvc drum warper). Here it is in pieces. I'm not going to set it up today, because I know if I do none of my other jobs will get done. I'll post pictures next time I set it up. Soon.
Here's the resulting 22 yard super skein (body to demonstrate scale):
I dye the skein with fiber reactive dyes. Then I wash it out by hand and put it back on my super skein winder so that I can wind it into more manageable sized skeins. For that I use this, my homemade pedal powered skein winder: