[sgreco]

It depends on how precise you want to be. Right now you can't do anything with cylindrical objects. Your shop right now can drill holes. If you need slots, holes drilled with precision, counter bores etc more than working with cylinders, get a mill. If you are happy with being able to drill holes and such with your drill press and don't need the extra functions of a mill, then get a lathe.

If you really want a complete shop, you should see if you can find a way to get both. Maybe just get some smaller cheaper stuff for starters, or you can see if you can get discounts or possibly something for free.

Look around for companies that switched to CNC's not long ago. My team went to a company that had a lot of old manual machines that they weren't using and we got a mill and a lathe for free. (of course it wasn't quite that easy, but take a look around, a lot of companies are probably willing to help).