[asid61]

You should have a band saw and a drill press as far as power tools go. Apart from that, GeeTwo's list is pretty solid. I would add calipers to that list; a good 6" caliper is like $20 on Ebay (not plastic, and a brand like Mitutoyo). I got my 12" Mitutoyo's for $23. One thing that is extremely useful to differentiate metric and imperial allen wrenches is to paint them different colors. Some are sold with different color on the outside (like blue) to show metric/imperial.
Avoid screwdrivers and phillips/flathead screws. Keep a couple flathead and phillips screwdrivers available, but don't buy either type of screw unless it's unavoidable. Electrical stuff uses a lot of philips though, so you should stock tiny (jewelers?) screwdrivers and the regular ones as well.
Dremels are fantastic. Socket ratchets are also fantastic. The latter can be cheap and is usually very, very useful, especially for had-to-reach locknuts (which sometimes can't be gotten to any other way).
The next power tool I would get is a mini mill like you get from HarborFreight. The "Seig" manufactured mills are pretty handy. It can even replace a drill press if you're ok with only one person on it at a time.