I am going to say both yes and no.
I am a huge fan of DIY. If I had a religion, it would be DIY. If I can make or repurpose something cheap, into something functional, I'm extremely pleased and proud. For example, my plier-sheath for off-shore is made of cardboard and duct tape.
However, sometimes there is no substitute for the right tool for the job. In college I worked at an off-road retrofit shop. I once spent hours trying to remove some widget with the wrong tools. My boss walked up with the right tool and loosened it in 2 secs.
So for me there is a balance between identifying when I really need high quality gear, and when I can get by with something cheap.
Let me throw in one last complication. I find that buying gear is often a substitute for actually getting out there. When I'm too busy to get out, I start fantasizing about upgrading my gear and what I could do with it in the field. When in fact, all my gear is functional, adequate, and for that matter, only lightly used.