I have this list, in order of use and purchase:
hand tools
vices
power tools - drill and angle grinder
pillar drill
lathe and initial tooling
cheap grinder
more lathe tooling, probably forever
better pillar drill
surface table and measuring equipment
bandsaw
mill
bigger lathe
flat grinder
good tool grinder
sheet metal bender, may be higher priority depending on work to be done
shaper
centerless grinder
I am now at about the bandsaw stage, and am only guessing about the later stuff. It's a sort-of plan. Comments?