Well, I have been exactly where you are now. In May of 2001, my company folded and I was left unemployed, two kids at home and a wife who is a school teacher. I sat around and felt sorry for myself while the severance ran out until I finally got off my butt and started looking for work. Of course, I went for the best paying, closest to what I did type jobs. Then 9/11 hit and there WERE NO JOBS.
I was forced to do whatever I had to do to earn a living. I was extremely fortunate in that God put me in a place where others helped. I had a church friend who hired me to do repairs on several group homes for mentally handicapped adults, another who hired me to put in a whirlpool tub in her house and yet another who hired me to do odd jobs wherever they were needed. I ended up taking a contract job about a year later an hour away for less than half what I was making before. We struggled mightily and were very dumb in how we managed our money. 8 years later, we have learned a lot of lessons. We cut out a lot of unnecessary expenses that we used to think were "necessary". We bought food in bulk and froze or canned for later, bought store brand items and did whatever we had to do to make it.
Now, I am blessed with a job close to home, even though it pays a lot less than I made before. I work for the local government, so I am relatively secure during these difficult times and this job has afforded me the opportunity to help coach my son's football team. I know now God was looking out for me and I am glad He chose to lead me down this path.
As for my tools, I contemplated selling them all off, but decided the small amount I would get really wouldn't help us that much and I may need them at a later date. I am glad I didn't sell them now, because while I was struggling, I actually used them to help supplement my income. I built some things for people and was able to do a lot of things regular "jack-leg" guys couldn't because I had the tools.
Your situation may be vastly different than mine, but I would suggest looking at other ways to cut back before you have a sale. You may find that even though short-term you have some extra cash, in the long run you will be right back where you are now only without the tools to sell this time around. Besides that, you may be able to get some extra cash by making Christmas items for people and selling them. Everyone will likely be spending less this year, so good quality, hand made gifts at a good price may be the thing folks are looking for.
Keep your head up, if you are a religious person, have faith in God and sit down with your wife and look at everything you spend to see where you can make some cuts. I would also recommend looking at Dave Ramsey's plan for living, as he has a lot of good advice. His website is:
http://beta.daveramsey.com/
Good luck to you and I wish you all the best in this difficult time. Remember though that some of the best opportunities come during difficult times. You will make it through this!