There has been a lot of good suggestions here, I'll add a few.
A good table saw is a good idea, I use mine for cutting pieces for multi-piece necks. I buy my body blanks from Gallery and they are usually ready to go, very well machined to my specs. Gallery will machine the individual pieces for multi-piece necks too, so you get all of the pieces for a multi-piece or laminated neck ready to glue up direct from Gallery. I also cut my scarf joints on the table saw, and have the jig to do my fretboard slotting on my table saw as well.
Grizzly can be a good source for certain tools. I bought one of their band saws that was on close out, and have been very happy with it. I've even rigged it up to do re-sawing, just need the right blade. It is a 15" band saw, and eventually I can see myself upgrading to a 17" saw.
For work benches, shop the local used furniture stores or garage sales. Get one or two nice, big, heavy office desks with formica tops. Usually you can score one for $20 or so. Yeah, they're big, heavy, and sometimes the ugliest shade of battleship grey out there, but they'll last forever and are cheap to boot! I then put mine on a 2x4 base with big, honkin', locking casters from Grizzly so I could move it. I then keep all of my frequently used hand tools in the drawers. One drawer for files and rasps, one drawer for measuring and drawing tools, one drawer for basic hand tools and setup tools, one drawer for fretting tools, etc. A good choice as well for a workbench is an old chest of drawers. Then put a formica top on it and again use the drawers for storage of tools, sand paper, etc.
I mounted my router table to a double drawer lateral file bought at a used furniture store too.. and the top drawer of it has all of my router bits and router wrenches and router table fence, etc., as well as my smaller router templates (headstock shape, pickup and control cavity templates, etc.) The bottom drawer has all of my larger templates for body shapes, etc.
I mounted my drill press to an old side by side chest of drawers, and any and all drill bits and other things related to drilling are stored underneath it. With the drill press mounted on one end of it, I can lay an entire bass on it when drilling tuner holes in the headstock on a neck through bass, and can swivel the drill press head to the side and use a clamping jig to hold the bass while I drill the output jack hole (I use the electrosocket tele style...) into the control cavity. MUCH easier than trying to drive a 7/8" fostner bit through solid zebrawood or similar with a hand drill.
Basically, my recommendation is don't have a workbench or tool stand that doesn't have storage under it either whenever you can. No, I don't have storage under my table saw or band saw or a very few other power tools, but I probably will eventually. And mount all of those tool stands or desks or whatever on casters. Being able to move them out of the way and make room is very handy!
Lastly, do make allowance for dust collection. Wood dust is a leading cause of nasal cancer, and you might even find that you'll have some allergic reaction to certain wood dust. Read the Warmoth site, they won't work with coco bolo anymore due to too many of their employees having allergice reactions, and maple can be a "sensitizer", meaning that you may not be allergic to maple dust, but it can make you allergic to other wood dust that you currently are not allergic to, so even a shop vac hooked up to each power tool as you use it and then move it from tool to tool is better than no dust collection at all.