This is what I use here at Cobb.
-Bore Gauge analog .0001" resolution
-I only use calipers for non engine related measurements.
-Rod bolt stretch gauge- Use the gauge and then double check torque.
-Regular click style torque wrench- they are sent out for calibration every other month.
-Micrometer- 2" - 3" for measuring the main and rod journals.
-Tube (bearing) micrometer- always check for consistant bearing thickness especially on coated bearings (usually this is not a problem)
-my favorite tool! Irwin Quick-Grip clamp with rubber jaws (any clamp you can get from your local tool store.. etc.) This is nice, you can clamp your micrometer and have it sit upright on your workbench, so you can precisely zero your bore gauge.
PhaseII dial indicators to measure valve tip height, cam lift and base circles.
Aerospace grade straight edge
0-600PSI Spring tester with dial indicator to simulate valve lift, this will let you know what kind of pressures you will see under real conditions so you can set your valvetrain up to check consistancy, set a cylinder head up with correct pressures, and check for coil bind on high lift cams.
Some other tools that are used during assembly
-torque angle gauge
-piston ring gapper (rotating grinding wheel)(specifically for rings)
-piston ring compressor
-jewelers file- take off sharp edges on rings
Bore gauge, and micrometers I would suggest buying PhaseII, or Mitutoyo.
**Always take multiple measurements in multiple locations on both bore, mains, rods.
**When measureing bores- make sure you are measuring a clean surface without dust or oil which could slightly change your measurement.