I fixed the first post, apparently my computer didn't like just posting once. Thanks for all the prompt responses. I'll go through them in order...
Steve W: Table saw, eh? I didn't think about that, simply because I associate table saws with wood, mostly. How much use does your table saw get during the season? What sort of blade would you suggest?
sanddrag: In my experience DeWalts are excellent, however, I'll take a look at some cheaper options. The only reason we're looking to get 263 pieces is because we're trying to spend money. If we were on a tight budget, we'd definately cut down. We have three sets of bits, but they're all missing a few here and there, hence why I'm looking at buying a new, complete set. We have a brand new set of taps that didn't get much use this year, and we have a decent vice. We lack a mill/lathe, but I don't think anyone on our team has the skill to use those tools. We don't have many (if any) engineering mentors, the students do everything on their own. We have mostly garage knowledge. We've got all the rest of those too (Angle grinder, circ saw, compressor, shop vac), except the arbor press. To be honest, I have no idea what that is.
KenWittlief: Sounds interesting, I'll have to look into it.
Billfred: Our vac is decent, so we keep the shop looking clean MOST of the time, but not all.
Like I said, we already have two laptops, so we're not looking for computers. Both of the teacher sponsors are computer teachers that have full labs, so we can also use those machines anytime we want. A printer is a good idea, and was suggested by one of the teacher sponsors. She wanted to look at getting a specialty printer for our "spirit" items, and everything else. Good idea.
Once again, thanks for the suggestions so far.