Hose clamps? You've got to be kidding. That's almost as bad as the 2x4...
While I don't recommend spending $130 on a Hazet ring compressor, I do recommend the following:
For assembling the pistons into the cylinders, you will need a ring compressor. With so much room for error in this process, I do not recommend purchasing a cheap ring compressor. Placing the pistons in your cylinders is a very delicate process, and if done incorrectly can easily lead to a broken ring, which will result in yet another teardown of the engine. There are $3 pieces of sheet steel for sale out there that are sold as ring compressors. I do not recommend using these, as it adds one more element of difficulty to the equation. A good quality ring compressor will cost about $20-$35 and will include a specially designed set of pliers whose specific purpose is to latch onto and compress the steel ring band. This type of compressor is much easier to use than the simple band one, and will reduce the chances that you will break a ring. Since the tool is relatively inexpensive when compared to the risks involved, I fully recommend that you purchase a good quality one.
Compressing your rings is one of the most trickiest processes on the 911 engine. If you don't use the proper tool, you may end up with one of these:
-Wayne