I started back in 2004 with an early 60's ShopSmith, a slippery Craftsman router, and a few clamps. Today the shop utilizes three CNC machines, a laser cutter, and a host of heavy duty woodworking tools.
My thoughts on the ShopSmith:
- there is one thing it does very well that is difficult to reproduce without a few jigs and a large drillpress: drilling side jack holes with a Forstner bit. the ability to raise/lower the table to perfectly center the bit on the body edge and then drill it on the horizontal is quite nice
- I've owned most all of the specialty attachments (jointer, bandsaw, etc ...) and can say from a lutherie perspective they're far too expensive and designed for much lighter duty work than what we do even as an occasional weekend hobbyist.
- for a lot less money, you can get way better REAL tools on Craigslist by being patient and doing your research
My thoughts on what tools to get to start out IF you're sure you want to do woodworking as a serious hobby:
- a solid 14" bandsaw that has the option of adding a 6" riser block so you can re-saw 8" wide top sets. if you get more serious in your woodworking, you'll soon regret having skimped on this tool. I regretted my 'frugality' twice before finally purchasing a 14" Powermatic with 6" riser block. The Powermatic has been serving me well for close to 10 years now, and is showing no signs of slowing down. I also purchased a larger Laguna bandsaw that is dedicated to resawing top sets, giving me the flexibility to utilize different blades on the Powermatic as the job calls for without messing with the fine-tuned setup on the resaw saw.
- a variable speed router that's at least 1.5HP and has the ability to adjust the cutting depth with a fine adjust. I get by without a plunge router, but that's just my workflow. you'll use this more than your bandsaw, so find one that is comfortable to use and is easy to change bits.
- dust collection: if you run a bandsaw, you need dust collection. check the CFM needed by your bandsaw, and buy the next size (or two) larger dust collector. a roll-around unit will be perfect until you grow to the place where you want a fixed unit ducted to all your tool stations.
- drill press: Bruce noted what you need to look for
- clamps are your next financial money pit, and you'll quickly discover that you'll always be 1 or 2 clams short of what you need to do right then and there. I like Bessey, but also have great fondness for Jet
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- next on my list would be a solid Jointer (or Jointer/Planer if you have the $$) for when your budget opens up. you have a couple different ways to go here, so think thru what you plan to do 3-5 years from now. IF you want to keep at it as a hobbyist, Inca made a great Jointer/Planer unit that works well for the small shop and has options that run on 120v. if you want something a bit more heavy duty, brands such as Rockwell and Jet have several options that will get you a solid jointer with cast iron feed bads. Jet also makes a great Jointer/Planer hybrid that swaps between the two tasks quickly and accurately. I've had one of these in my shop for a while and love it. if you have the $$$$, adding a helical head cutter will allow you to work figured woods with less tearout.
- and to round it out I'd consider a good drum sander like the 16-22 Performax unit (or similar sized offering from Delta)
Beyond this there are sanders, rasps, spokeshaves, sharpening stones, router table, and an endless number of specialty tools you can buy or make. a tablesaw isn't high on my priority list, and I got by for over a decade without one.