Bro, absolutely, it's a top priority. That frickin stingray would've been hell without the Advanced Iridium Rod from Mastery, and the Iridium Scythe is amazing, especially when I have about 300 crops growing at a time.
The Iridium Watering Can should be your top priority when you have access to the Statue of Perfection or Skull Caverns, it's a godsend from CA himself if you have a field without sprinklers.
The Iridium Hoe is amazing in that transition period between seasons where you have no time to plant a seasonal crop and you end up having to re-till everything.
The Iridium Axe is amazing in mid-game where you have to clear a bunch of trees from the farm.
The Iridium Pickaxe... is unnecessary, now that I think about it. You only really need Iron until Ginger Island.
The Iridium Trash Can... maybe save it for last.
The Iridium Pan... Nevermind, save this for last.