[asid61]

Definitely bandsaw, drill press, socket wrench, and 2 hand drills + batteries for starter. Then 2 fractional drill bit sets (you really need both). Allen wrenches (AKA hex wrenches), at least 2 imperial and 1 metric set, preferably 3 and 2 instead.
A few fine or general-purpose metal files for deburring. Maybe a set of needle files for getting into hex bores. A deburring tool with the little hook-chaped blade is great for circular deburring, as well as countersinks (82*, not 90*).
A medium size bench vise and low-profile mini vise are helpful.
You definitely need a rolling toolbox. One with ball bearing drawers will last an age compared to regular ones. Tackle-box-like boxes are fantastic for organizing screws and small parts. Start organizing immediately or you will regret it.
A shelving unit, also rolling if you don't have a permanent space for it, will come in handy later. So will a few 2015-style totes for storing large items or projects as long as you make sure to keep them uncluttered. Magnetic tool/parts dishes also help with cluttering.
If you want to use #25 chain, the Dark Soul chain tool is great to avoid paying for masterlinks.

The first major tool I would buy would be a mill, but the associated accessories like collets, drill bits, endmills, and vises can run a pretty penny, at least $1000 to get set up well imo. But a mill with DRO is one of the most useful tools a team can have imo after they have the basics.

Stock up on things like aluminum stock tubing, preferably versatubes for the ease-of-use, and hex shaft.

EDIT: Holy cow Spectrum's list is amazingly perfect, definitely take a look at that above.