If your object is to get a useful tool, fabrication is a great option. The reason arc welding is a big trade and smithing is a hobby is that welding is very time-efficient.
If you are trying to extend your smithing skills, then building tooling is great. I still think fabricating the first one is a good idea. Gives you a tool quickly and let's you get an idea of how you use it. Later on, use that understanding to make a tool you'll be more proud of.
I can get sucker rod cheaper than I can get scrap iron, so for me it's not a waste. What I've gotten isn't tool steel by more rigorous standards. Works and hardens like 4140, which isn't bad. In a pinch, I'll make a cold chisel with it. (Canola oil quench, very light temper.) Makes nice tongs. Just don't get too eager with the quenching: you definitely don't want to harden tongs and I've cracked it cooling it down to work the other end. I've also cracked it working too cold.