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.
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