For the lab we made our own toolbox and used a tool in Modelbuilder and set model parameters. Below is my model that clips, selects, and erases by selection. Then we exported a Python script from Modelbuilder and used it outside of ArcMap and then created a script tool. I had a lot of trouble with my filepath within the scripts, but learning to overwrite outputs was very handy. Then, we created a script tool and shared the toolbox.
My model results are below and a screenshot of the clipped and erased file, you can see the green clipped soils file has parts erased.
My favorite part was using model builder, although the lab didn't cover the details, I used ESRI's online help tutorials to make sure I was dragging tools to the model and setting up toolboxes and parameters correctly. I really liked that you can automate processes so easily and I am looking forward to using this new skill at a later time.
I tried the model this way, too: