When it comes tool-belt-swapping, obviously some tasks like butchering can have a dilemma (does the player want cleaver for speed, or stone axe for best hardcap?) but that shouldn't stop automatically selecting the best tool for tasks where only a single attribute matters:
1) Tree Chopping Speed (Stone Axe < Tinker's Axe < Metal Axe < Woodsman's Axe)
2) Woodblock Yield (Metal Axe OR Woodsman's Axe)
3) Tree-stump Damage (Wooden Shovel < Tinker's Shovel < Metal Shovel)
Yes, I just chopped down a tree with a Stone Axe instead of the Metal Axe I also had on my belt.




