RODNEY - My first welder was going to be a Miller Thunderbolt 225 AC/DC, but Dad beat me to getting one and gave me his old Will-Weld 200A AC buzzbox with the stipulation that when the Miller went up in smoke and he called I had an hour to get him welding again by returning HIS buzzbox. He had that Miller smoking a few times but it always burned rod, and pretty well too. I used that buzzbox to make a lot of the attachments I have for my Cubbies, my fenders on the 72 were all welded it it, and the modifications to the 38" deck were all done with it. I estimate it, the welder to be 70 (seventy) yrs old, Dad bought it used after WW II when he started farming.
My next welder was a Miller-Matic 185 MIG welder, it's about 13-14 yrs old, great machine, it's not been used and abused a lot but has been totally trouble-free.
Then I bought an acetylene torch set & tanks, just a little one mostly to heat & bend stuff. Then I bought a Hypermax 600 40A Plasma cutter for cutting sheet & plate, used it a fair amount.
My last welder was a Miller Dynasty 200 DX TIG and stick welder, it's AC/DC, I've had it about 5 yrs, at the time I bought it, it was the most flexible welder made. With the right shielding gas and wire it can weld ANYTHING weldable. To be honest, I've welded with it very little, but SON has welded quite a bit and when he gets his own shop he'll get that welder. But I'm keeping his Delta floor standing drill press!
I got Dad's old DeWalt abrasive chop saw, and to be honest, I have NEVER cut a thing with it. I prefer to use my cheap 4" x 6" bandsaw. In fact my next tool purchase very likely will be a larger better bandsaw. I'm thinking of a 7" x 10" or 12" that also converts from horizontal to verticle like my old 4"x6". They're faster and much more accurate than an abrasive saw. I've also looked into metal cutting cold saws, high torque low RPM, but the blades are really expensive. Many machine shops I've dealt with have gotten them and used them for a while and went back to bandsaws.
For a welding helmet I'd get an auto-darkening helmet, they're great for tacking things together with a MIG before welding stuff together. I wouldn't get a cheap one, your EYES depend on it! I wanted a 5 HP 60 gal. 2-stage compressor for decades, finally pulled the trigger on a 7-1/2 HP 80 gal 2-stage about 50% bigger CFM than the 5 HP I'd been shopping for about 6-7 yrs ago. Air powered tools just have a way of sneeking into my shop now that I have enough air to run them. I have three 1/4" air die grinders, a sheet metal nibbler, two impact guns, two air ratchets, an air hammer, 3/8" Butterfly impact that's great for small engine work, several sanders & grinders, and about SIX paint guns. Some of those are SON's but until he gets his shop I store them and use them when the need arises. Get the biggest compressor you can afford right now, because your usage of it WILL GROW when you have it.
It's tough (read Expensive!) being a "Tool-a-holic" but it's great to be able to start about ANY job in the shop and be able to grab the right tool for almost ANY job.