[InFlight]

I would put a lathe way up your list of tools.

For your budget, I would suggest this Lathe with Tool stand. This size lathe could really accomplish any future machining needs you might have.

With a lathe you can quickly make custom drivetrain axles, make spacers, Standoffs, etc.

I would also order additional tooling including:
Typical carbide cutting tools
Cutoff tool
Grooving tool (multi-blade set) for E-clips and C-clips
A Drill and Tap set
If you don't have a micrometer and calipers already, I'd add that to the list as well.

I've ordered tooling from www.use-enco.com in the past, and can recommend them.