I thought this question sounded familiar.
See this post. Rick asked the exact same question but the amount was only $2500. My response is still valid. Mill first then Lathe. You need something to cut up long stock with as well.
I would still look at the Rong-Fu mill/drills. (See Option 2 in the linked post).
I actually hear decent things about
this bandsaw for cutting long stock in the sizes the a FIRST team would probably use.
I have been looking into one of these
lathes. The lathe is on sale and I think you can even get free shipping. I am hoping that our team machine shop will get one before next year to replace the only worn out 1900 vintage Hendey lathe we have now.
Always keep in mind that the machines are only half the cost. You will probably spend at least as much on tooling (collets, vises, end mills, turning tools, etc.)