Others have addressed most of your questions but I'll throw something else in here. Since you mentioned spending more on a lathe now and waiting to get the mill I think is a fairly reasonable plan if you think it will work out for you.
I've had my lathe for probably 15 years now and don't really have a mill yet (I am building one). There is a lot more work that can be done with a lathe than most novices think, many operations that are done with a vertical mill can be done on a lathe with some planning and ingenuity. Also, if you have a lathe (and know how to use it) you will be able to work on other machines so you can possibly take on a vertical mill refurb as a project.
If I were in your position I would seriously consider building the bigger shop and holding off on a mill for a year while I learned the basics of running the lathe. You mention just a mill and lathe but you will also want a grinder, sander and drillpress at a minimum. You'll need measuring tools, a surface plate, and safety equipment as well.
So, think about how much time you will be able to put into your hobby and where your investments should go and in what order. Learning how to do good work with any of them will take a bigger investment in time than money. There's a reason why the manual lathe is still an important tool even in the most modern professional shops, it's really the most versatile machine tool out there. Doing manual work on a lathe will give you a better understanding of everything in this hobby. You may figure out that a CNC mill is what you want at some point since it can do things that aren't possible on a manual or would take way more tooling.
If it turns out you really love the hobby you'll be glad you bought a capable lathe to start with, if not then a quality machine will have a better resale value. I don't have any experience with Precision Matthews but I tend to think that Taiwan quality would be worth the extra money otherwise why would they offer it. I wouldn't be worried about 1/2 hp either way, if you really need lots of power in a lathe you should probably be looking at 5hp machines.
The hardest part of your equation to change in the future is your building. Machines can be bought and sold fairly easily, expanding a building is way more time, effort and money. Also, a building is useful for whatever hobby or enterprise you or someone else will do in the future and will add to the value of your real property.
Bottom line is, my vote is for getting the building right first. Learning how to use a lathe will take plenty of time and you will have time to save for any future machine purchases.
Just my two cents on how to spend your money
Cheers,
John