Yep, you're in the right place. That describes most of us. I've had excellent luck finding tools on Craigslist over the years. It takes patience, though.
As others have mentioned, the ubiquitous import 4 x 6 band saw is a great place to start. The same machine has been imported for at least 40 years and labeled under dozens of brand names. I got a used one for $45 on CL, and after a few hours of clean-up and adjustment it is a capable little saw. I buy the Olson carbon steel blades they sell at Farm & Fleet, and Big R. They sell for about $8 each, and are made in Wisconsin. They last quite awhile unless you try to cut hard steel, or don't have enough teeth in contact with the metal.
I do a fair amount of welding, and the two processes you will use most are TIG and MIG. I have a higher end Everlast Power Pro 256 AC/DC TIG inverter machine. It can do stick welding and plasma cutting in addition to TIG. It is one of the few machines I bought new, and they run in the $2000 range. I weld aluminum, stainless, and mild steel regularly. I also like being able to use silicon bronze and aluminum bronze for brazing in addition to traditional welding. At work I use a Miller Dynasty 350 TIG machine (big $$$), and it is a killer nice machine, but I can do almost anything at home that I can at work. There is a learning curve to TIG welding, but it is very versatile. That said, there are some things that are just faster and easier to weld with MIG. Metal framework for equipment stands, etc. TIG is my favorite, but I have (and use) both. My advice is to get a 220v machine whether you pick TIG or MIG. You are much less likely to outgrow it and be looking for a bigger one in 6 months.
If you use plasma, you don't need a large quantity of air, but it does need to be very dry air. Moisture in your plasma torch will eat up tips fast, and leave poor quality cuts. I found a small refrigerated air dryer on CL for $200, and it makes a big difference. It will make your powder coat stick better too because static electricity and humidity don't work well together. Before I got it, I used a poor man's air dryer by coiling a copper tube through a large Rubbermaid tub filled with ice water, and then using a couple of water traps between that and the plasma torch or powder gun. If you chill humid air, it condenses the moisture so it tends to separate or fall out of the air. It doesn't matter whether you use a refrigerator or ice to get the job done.
Once you've been bitten by the hobby machine and welder bug, you're doomed just like the rest of us. Be careful and have fun!
GG