I have a host of Crapsman....I mean Craftsman tools as well as some other "good" brands. I also have some cheap ones.
Quick anecdote...Last August I cut all the independent suspension off the front of my Toyota and instead mounted up a rather custom suspension utilizing a solid front axle, etc. We put the last bead of weld on on a Monday night. The Wednesday of the very same week my buddy Shane and I climbed in it and drove it all the way to the Pacific Ocean and Sutherlin, Oregon to mud race it. Yes, that did take some faith and a whole lot of patience since a 4 cylinder trying to push those big bias ply tires is in a losing battle. Anyway...anytime you do suspension work such as that you NEED to retorque EVERY bolt down about 500 miles after everything has had a chance to set in place. Of course I didn't bring any tools (that's the faith thing again) so we just pushed on. By the time we made it to Missoula, Montana it became QUITE apparent that everything needed to be tightened down. Unfortunately the only place open was Wal-Mart at 3:00 am. I bought a set of Stanley sockets to do the job.
While that little Stanley tool set has become my FAVORITE. It lives in the truck all the time now except when I need to use it elsewhere. My "good" rachets can't hold a candle to that thing. If I recall correctly though, Stanley is made by one of the big tool companies...MAC perhaps?
Anyway...the point is that you CAN get good tools at a reasonable price. Go for it and get the Wal-Mart stuff. Just be prepared to maybe have to replace something somewhere down the road. You'll still be money ahead on it