When I worked as a bike mechanic in my late teens, we referred to this approach as 'shade tree mechanic work'. I loved it, because of the creativity involved. However, I grew to have a great respect for the work of other mechanics, who were more interested in taking more pains, ordering the right tool or part if it wasn't around, and typically having a somewhat better outcome.

I think there is room for both. Definitely during the prototype phase of a project, or on projects where there are very hard time constraints (epoxy is drying, etc.), or when you're out in the woods or whatever, working fast and creatively can be most beneficial. However as you transition into the finished product, it's often better to do use fresh and appropriate materials, do more QA/QC, write a robust test suite, and put a bit of polish on it (especially if it's for public consumption).