Well, since I am the one who brought the original thread off-topic I guess I have to chime in
My list of essential tools is as follows:
[*]Band saw[*]Hand tools (wrenches, sockets, pliers, clamps, etc.)[*]Chop saw[*]Drill press[*]Manual mill[*]Manual lathe[*]TIG welder
The more basic tools (drill press, saws, etc.) are absolute musts and seem to be what we utilized the most with machine shop requests the last season. The other more advanced tools (mill, lathe, welder) are less frequently used but are needed for more advanced work. I would stay away from the combination machine tools, as most people I've spoken to about tools absolutely hate them and say it takes longer to use than stand-alone tools. For tooling I think the basics for each (an assortment of end mills, blades, etc.) would be sufficient.
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Team 5940 (Silicon Valley Regional Rookie All-Star and Quarterfinalist, Curie Quarterfinalist)
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