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Oxy acetylene or Propane (propane may be preferable - since mostly for cutting and heating rather than welding)
metal cutting bandsaw (or sawzall or hacksaw)
Grinder (4 1/2 inch for starters)
Basic stick welder (or Mig, better; mobile stick or mig also acts as backup generator for the farm)
Drill Press (Floor model with low RPMs might be better than table-mount)
Rod cans to prevent rusty rods
Basic mechanic drive set (1/2", 3/8")
Auto darkening helmet (can get for roughly $100)
Vicegrips all sorts
heavy steel clamps
Floor fan for ventilation
Steel table (can mount with press, vice)
Standard metal stock: c-channel, square tubing, bar stock (raid steel yards for shorties and scrap stock)
Warehouse steel racking to keep things clean and orderly
Rods: 60-10, 7-18...
Step bits - great for opening up holes
Air compressor for die grinder, etc.
Shop press w/ press break attachment
Air nibbler for sheet metal cutting
Shop broom, roller magnet (invest in a good heavy-duty broom and dustpan)
Leather welding coat
Flex-core wire for beginners, messy job but easier than stick
Bench grinder or other grinding wheel (great for sharpening drill bits)
OTHER LAYOUT TOOLS?
goggles or full face protection (better), ear protection, gloves, welding coat, dust mask or respirator (fresh air respirators are best)
Mid/high level tools:
Mill (bridgeport etc.)
Sheet metal tools - brakes, English wheel, Planishing hammer etc.
Boring bar tool for mill
Iron worker (shear/punch)
Blacksmith tools (forge/swages/tongs/power hammer etc.)
tubing bender and fish eye cutter
For Equipment Repair
Phone list of parts suppliers and shops for the work you don't want to do
multimeter for troubleshooting electrical problems
good measuring equipment - tape measures, 6" and 12" scales, calipers and micrometers
set of pry bars
set of drifts
lots of hammers, up to at least a 10lb sledge
Jacks and jackstands
good 1/2" impact wrench
lots of wrenches - sockets from 1/4" through 3/4" drive, combination wrenches through at least 1 1/4", good adjustable wrenches from 6" through at least 15"
Tips and tricks:
Take vocational courses - there's an industrial welding school in upstate NY
Watch YouTube videos
Welders get you out of a jam - weld onto it
Blacksmither's creed: make your tools!
Keep drill bits sharpened
Buy good bits upfront to save a lot of hassle and waste down the road