Thank you @coagmano, that makes sense. Here is (what I think) the most important failure when it is trying to install from source
gyp info spawn /usr/bin/python
gyp info spawn args [ '/Users/jmangold/.meteor/packages/meteor-tool/.1.7.0_5.19pr45f.7esr++os.osx.x86_64+web.browser+web.browser.legacy+web.cordova/mt-os.osx.x86_64/dev_bundle/lib/node_modules/node-gyp/gyp/gyp_main.py',
gyp info spawn args 'binding.gyp',
gyp info spawn args '-f',
gyp info spawn args 'make',
gyp info spawn args '-I',
gyp info spawn args '/Users/jmangold/.meteor/packages/meteor-tool/.1.7.0_5.19pr45f.7esr++os.osx.x86_64+web.browser+web.browser.legacy+web.cordova/mt-os.osx.x86_64/dev_bundle/lib/node_modules/.bin/build/config.gypi',
gyp info spawn args '-I',
gyp info spawn args '/Users/jmangold/.meteor/packages/meteor-tool/.1.7.0_5.19pr45f.7esr++os.osx.x86_64+web.browser+web.browser.legacy+web.cordova/mt-os.osx.x86_64/dev_bundle/lib/node_modules/node-gyp/addon.gypi',
gyp info spawn args '-I',
gyp info spawn args '/Users/jmangold/.node-gyp/10.4.0/include/node/common.gypi',
gyp info spawn args '-Dlibrary=shared_library',
gyp info spawn args '-Dvisibility=default',
gyp info spawn args '-Dnode_root_dir=/Users/jmangold/.node-gyp/10.4.0',
gyp info spawn args '-Dnode_gyp_dir=/Users/jmangold/.meteor/packages/meteor-tool/.1.7.0_5.19pr45f.7esr++os.osx.x86_64+web.browser+web.browser.legacy+web.cordova/mt-os.osx.x86_64/dev_bundle/lib/node_modules/node-gyp',
gyp info spawn args '-Dnode_lib_file=/Users/jmangold/.node-gyp/10.4.0/<(target_arch)/node.lib',
gyp info spawn args '-Dmodule_root_dir=/Users/jmangold/.meteor/packages/meteor-tool/.1.7.0_5.19pr45f.7esr++os.osx.x86_64+web.browser+web.browser.legacy+web.cordova/mt-os.osx.x86_64/dev_bundle/lib/node_modules/.bin',
gyp info spawn args '-Dnode_engine=v8',
gyp info spawn args '--depth=.',
gyp info spawn args '--no-parallel',
gyp info spawn args '--generator-output',
gyp info spawn args 'build',
gyp info spawn args '-Goutput_dir=.' ]
gyp: binding.gyp not found (cwd: /Users/jmangold/.meteor/packages/meteor-tool/.1.7.0_5.19pr45f.7esr++os.osx.x86_64+web.browser+web.browser.legacy+web.cordova/mt-os.osx.x86_64/dev_bundle/lib/node_modules/.bin) while trying to load binding.gyp
gyp ERR! configure error
gyp ERR! stack Error: `gyp` failed with exit code: 1
gyp ERR! stack at ChildProcess.onCpExit (/Users/jmangold/.meteor/packages/meteor-tool/.1.7.0_5.19pr45f.7esr++os.osx.x86_64+web.browser+web.browser.legacy+web.cordova/mt-os.osx.x86_64/dev_bundle/lib/node_modules/node-gyp/lib/configure.js:336:16)
gyp ERR! stack at ChildProcess.emit (events.js:182:13)
gyp ERR! stack at Process.ChildProcess._handle.onexit (internal/child_process.js:237:12)
gyp ERR! System Darwin 17.7.0
gyp ERR! command "/usr/local/Cellar/node/10.4.0/bin/node" "/Users/jmangold/.meteor/packages/meteor-tool/.1.7.0_5.19pr45f.7esr++os.osx.x86_64+web.browser+web.browser.legacy+web.cordova/mt-os.osx.x86_64/dev_bundle/lib/node_modules/.bin/node-gyp" "configure"
gyp ERR! cwd /Users/jmangold/.meteor/packages/meteor-tool/.1.7.0_5.19pr45f.7esr++os.osx.x86_64+web.browser+web.browser.legacy+web.cordova/mt-os.osx.x86_64/dev_bundle/lib/node_modules/.bin
gyp ERR! node -v v10.4.0
gyp ERR! node-gyp -v v3.6.2
gyp ERR! not ok