Having tools with multiple purposes means you have less weight to carry, and crafting tools with multiple purposes means you spend less time crafting. For an idea of an ideal multitool, take a look at the rivercane spindle below.

Multifunctional Spindles
If you have access to river cane, one spindle becomes multifunctional:
Friction Fire
Primitive Drill
Container
Friction Fire
To make the multifunctional spindle, straighten a section of river cane to your desired length in the 1/2 to 5/8 inch diameter range. Make two splits on one end perpendicular to one another just above the end node. Wrap the split with sinew with about a half-inch of split cane extending past the wrap. These four split sections will grip the fore shaft stubs as collets would on a brace and bit.
Primitive Drill
If you can’t locate crystals for purchase, a bit of bipolar percussion can create serviceable drill tip. Use a hammer stone and strike the top of a smaller pebble until it shatters.
Insert your drill tip in the spindle and spin it on your hearth board to drill a perfectly round pivot hole.
For more robust wood, or even other rock or shells, craft a spindle which can be used in a bow drill set. The end of the river cane spindle which meets the bearing block would need a carved hardwood plug to mate with the bearing block socket.
Container
Leave enough hollow shaft on the end of the cane opposite the drilling end. While this chamber isn’t very large, repair needles, charred material, or other small items can be stored inside. Whittle a cap to plug the open end.

Personally, the idea of using a spindle as a drill for rock or wood had never occurred to me. I knew it was possible to drill a hole completely through wood accidently when trying to get an ember going, but attempting it purposefully certainly would have its uses.

The best idea here, though, is using one of the hollow sections as a small container. It's a perfect way to carry your little fire starting tools and drill bits. Awesome.

For more excellent survival crafting tips, you can read the original article, plus many more, at Survival Sherpa.