One thousand bucks won't go too far with a mill less tooling, never mind the know how to use it. I would go in a different direction. Pre-buying some basic stuff will save you some time though during a limited build season.
A good idea for any team is to standardize the fasteners. We use 1/4" bolts for just about everything. You can buy steel ones in varying lengths, say about 1/2" to 4". Or you can splurge and go for aluminum ones to save on weight, but they are pricey. Get some 7/16" wenches and sockets for the heads and bolts and some 9/32" drills. Making the holes larger makes getting the bolts in easier.
Get some 1/8" pop rivets and a gun to fill out the fasteners, with a range of 1/8" to maybe 1/4" fastening range.
Tools:
1) A nice 18V cordless drill is good to have. A table top drill press will help drill holes more squarely through thicker material. ($250 or so)
2) I really like a nice belt sander. Here a good and cheap one. Order extra belts that are made for this machine. Regular 48" ones won't fit! $299.00
http://www.harborfreight.com/cpi/cta...emnumber=40643
3. You can use a hacksaw to cut aluminum, if you have lots of students it keeps them busy
but a basic horizontal band saw saves a lot of time.
http://www.harborfreight.com/cpi/cta...emnumber=93762
4. Try to find a quality used vertical bandsaw.
5. Hand tools like pliers of various types, mallet, drill index, wrenches, socket set, screwdriver set, measuring tools like steel rules or a tape measure, electrician's tool, tap and die set, punch set, jeweler's screwdrivers, chain tool; the list goes on and on...
That's more than $1000 so look for donations from parents and businesses. Welcome to FIRST!