You've come to the correct place for advice on how to spend money. Given the choice of the two proposed lathes, I'd vote for the PM 1340GT, but either would be fine. You will need a mill since a lathe and mill work together as a set. Knee mills are generally more capable than bench mills. DROs on both the lathe and mill. One of the 6x4 bandsaws that will need a bit of polishing, bench grinder, roll around tool cabinet(s) (42" US General from H Frt?) You will accumulate tooling, and things like collet chucks, spin indexer, boring head, fixture plate, granite surface plate, welder, height gage, calipers, micrometers, angle blocks, many tool holders, fasteners, metal stock storage, hydraulic press, compressor, excellent lighting, a file drawer, a solid bench vice ..... on & on all of which need a convenient home (along with several 100 other things.)
Make a scale drawing of your space, make scale machines etc. out of card stock. Trial the possible layouts. Snap a photo of each as you go.