Liesl,
Absolutely. Loose wrenches are the way to go. I don't bother with the big wrenches (15mm track wrench; headset wrenches, bb tools, 8mm hex, etc), but do carry a 2 (switch cap),4 (bottle cage bolts, stem),and a 5 (most of the rest) allen and loose 8X9 and 9X10 MAFAC wrenches (mafac-copy brakes; fender attachments to frame), a tire lever, a spokey, and, in remote areas, a Ritchey CPR chain tool. The latter two are talismans of preparation more than things I actually have to use.
Note that these bike-specific things supplement a peanut-butter spreader Swiss-army knife that includes convivial tools for modern living (screwdrivers, tweezers, toothpick, scissors, can-opener, blade). That stays in my pocket.
In 32 years of riding sporting bikes, I've never had occasion to use a chain tool in the field, never had to repair a slightly-out-of-true wheel (reset a taco-d one? sure), and I've only broken one spoke. I've really needed more than those basic items twice--once a track wrench for a new set of cranks (carried for the first thousand miles now), and once a full set of Phil bottom bracket tools, a shop vise, a dead-blow hammer, and full set of crank stuff (I don't use Phil bottom brackets anymore). Everything else was either immediately ride-ending (crash+damage/injury), or I could live with it until I got 'round to fixing it. I could probably just carry a 5mm hex key to make micro-adjustments to my seat and call it good, but then I'd break a chain for the first time....
Best,
Will
William M. deRosset
Fort Collins, CO