I am in the camp that prefers to do them by hand, at least within reason (I rough out the stock blank with a bandsaw as the local apprentices are all on their computers these days.) I think it looks better and is more satisfying. I have done enough ramrod channels by now that it is less than an hour or two job. Gouges, a round rasp with the tang bent up out of the way and a round scraper are all that are needed. I don't criticize anyone that prefers to use power equipment if they are skilled in their use and can set them up without taking forever. As far as the argument the old timers would have used power tools if they had them, well, they would have used composite stocks, stainless barrels that loaded from the breech if they had them too. They and we are building specific items that were built a specific way at a specific time. In many ways they had more and better hand tools than we do and most were well trained in their use so they likely worked much faster than we do. I feel if too many power tools are used it detracts from the looks of the gun. If you handle originals, you can tell they are hand made, just like when you handle a contemporary piece you can tell if power tools were overused. However, I do understand P W Perkuta's point about time. I am fortunate, my kids are gone, my wife doesn't make time demands on me, I live in the country so I have a lot of time. Others may not yet be or choose to be at that point in their lives. Plus, some people just like to tinker with and solve problems using machinery, I get that, it just isn't what works for me.
