First, what type of tools do you have now? Its hard to suggest different tools if we don't know what you already have.
There are already a bunch of great threads regarding what tools to have for machine shops. Such as
this or
this
However, since every team is different, your circumstances are sure to be different then the teams in the linked posts so feel free to ask further questions. These posts are just a place to start!
Edit: looks like Cory beat me to the links... I was actually going through his past posts to find the different treads. The first two he linked are really good.
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