In the book there are specific names and illustrations of the kids coming through with the needed tool to save the day but when I do it, I pass out the flannel tools to the kids and have each one come up and put it on the board when it's their turn, substituting their name for the name in the book. If I don't know a child's name I simply go with "You've got the hammer (level, screws etc...)"
There are 11 tools in all, most of them are pretty common
like the hammer
or the screws
Others need a little introduction from me in addition to the text
like the level
and especially the plane (I explain it by saying it looks like a wonky shoe with two handles)
But eventually we get through it all and we have a wonderful, colorful toolbox on the board.
Since there are only 11 pieces and the book is a little long, this is best used as part of an outreach kit. I sometimes do it in bigger story times and then have kids who didn't get to put a piece up come take them down as we call out each tool and what it does one more time.
I'm hosting Flannel Friday this week (it's my first time!) and as always you can find more Flannel Friday goodness at the official website.