It is great to have quality tools, and lots of them. But as others have mentioned, it isn't always necessary. For instance, today, I do the majority of my barrel inletting with an inexpensive Irwin 1/4" chisel that cost around $14 at my local Menards, IIRC. I do also have a few chisels that are of higher quality, but they are more specialized, and certainly don't remove as much wood as that Irwin. I have a couple of gouges of differing sweeps, and a straight dog-leg chisel I use for lock inletting. I have a couple very small chisel that I made myself for detail carving, and a couple made by Dock Yard Models that work well for me. I am not a production shop, so I don't need the exact chisel for that exact cut.
Most importantly, is keeping the chisels you do have razor sharp, and knowing how to use them. All of my chisels are mirror polished, and of shaving quality. If I had to guess, I think I could make an entire plain rifle with only a few chisels. But if they aren't razor sharp, then my task will be much harder. Sharpen well, and sharpen often.