Mike,
If we are hand-tool 'galoots', then we need more than one plane. We need more than one chisel, more than one saw, more than one hammer, mallet etc.
As for bench planes, I'm sure you'll agree that a smoothing plane is pretty well useless for joining long edges with a 'rubbed-joint'. You need a jointer for that job. You might also need a fore-plane for flattening panels, or cross grain prep-planing. You need a jack plane for rough planing from sawn. You can use a Jack for some smaller rubbed joints where the long jointer would be cumbersome. You need a smoother for finishing.
With some timbers you will need a bevel-up block plane for the finest finish and end-grain. A scraper plane, if you can find one, will provide the best finish on awkward grain, without the need to burn your thumbs using a panel scraper.
Add to that rebate planes, combination moulding and grooving planes and already you have eight different planes. I would say this is a comprehensive set that should be enough for normal work.
However, you will need spare blades to save time honing whilst you are working. Also many of us have more than one of some types of bench plane to save time further. We can just pick up another when the edge dulls on the plane we are using.
It's a matter of preference, but to do the job properly, you need the proper tools and again I would say eight planes is my minimum to do everything I might tackle.
Yes, we could get by with less. I can cut a mortice with a firmer-chisel, but better to use a mortice chisel. I like to do a job as well as I can. The right tools help me.
That's my reasoning, but I will admit to buying planes that not only look good, but perform better for those ultra jobs.
I understand why you feel all these repeat these tools to be OTT, but my personal feelings about 'collecting' planes is that if Waka, and chaps like him collect planes because they love the things, that's OK by me! .. I ain't far behind.
Cheers Mike. HTH
John