Rhino is more than capable to cover the development of a product from basic conceptual design to a final model ready for manufacturing purposes.
This is what I do in my workflow:
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I build a library of commonly used parts and components that I could import with ease at any time and use for any of my future projects. This includes screws, nuts, washers, rode ends, hinges, bearings, electric motors, batteries, wheels, pedals, seats, rubber sealing and many others. Every part is saved into a dedicated Rhino file and put conveniently to the center of the World coordinates.
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I put the main pieces of the model into separate layers, because they let me quickly select or show/hide certain objects.
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I set a unique colour to the objects depending on their purpose. For example, I change the colour to red to all the curves and surfaces that I use to trim other geometry. I make the blend curves green. I make the projected curves and curve intersections blue. I make the offset surfaces and curves cyan. I make the important curves used as rails or profiles to build geometry (Loft, Sweep 1 rail, Sweep 2 Rails, Network surface etc) white. This is a very convenient way to quickly distinguish any object that should stand out among the others.
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I often use a plug-in for Rhino called BoltGen. It lets me generate 3d screws and washers with custom size and different head type and whether to include real thread (nice looking and realistic, but heavy on the video card) or leave it as a blank cylinder (not realistic, but very light and good to keep smooth framerate).