One site I looked at said that using channel locks or vice-grips can not only damage finish but squish the thing out of roundness into a useless oval shape. I'd imagine you'd need to be fairly useless at hand tools to do the latter.
Personally I used a pair of small allen keys. They fit nicely into the holes on the side of the shank and allowed me to get that extra leverage needed for a tight seal. With that success I'd say that anything you have that will fit into the shank holes designed for the faucet wrench without snapping itself off will do the trick.
And yes, while it may be a $3-5 tool, why spend any cash you don't need to?
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