Thanks for all the responses, it sounds like I should focus on tools if I have enough iron. However I think I can get away with making a stonecutter and then dismantling it for whatever else I need.

At least until I slay the Elder and get more iron. I still haven't found turnips yet, can I feasibly beat the the Elder in Maxed Troll Hide, with Tier 3 Bronze Buckler, Bronze Sword, and Fine Bow(Fire Arrows)? Food would be Cooked Deer Meat, Boar Jerky, and Queens Jam.
Thanks again.