First, a few comments on the OP's time wasting issues:
I find that about 90% of my turning only needs 5 different tools, so I've got a pretty good idea of the packing needed for each one. For general turning I use carbide inserts, so no need to repack if the insert needs changing. Lastly I don't sweat about getting the tool bang on centre height; I just eye it up against a centre in the tailstock.
If I need a special HSS tool it is easy enough to grind it by hand on a bench grinder. If it really needs to be accurate then I have an old Clarkson T&C grinder.
For drills I just buy complete metric and imperial sets and be done with it. For drills under 6mm or so I don't bother sharpening them, life's too short, I buy a new one.
Commercially my biggest time wasters are clients – can't live with 'em, and can't live without 'em.
By far and away my biggest time waster in the workshop is temporarily misplacing things like rulers, spanners, Allen keys and soft hammers when I need to use them on a particular machine. I'm slowly getting round this by buying duplicate items and placing them by individual machines.
My biggest time waster out of the workshop is inaccurate drawings. Here's a 'work in progress' CAD assembly of the motion work for the traction engines I'm building:

The original drawings are littered with errors.
So I'm now ploughing through my father's old university text books to learn enough about Stephenson's valve gear so that I can redesign the whole thing properly.
Regards,
Andrew
Edited By David Clark 1 on 23/02/2013 10:08:36