I think Tom's advise is sound, especially if you can foresee still making chips and shavings 10 years or more from now.
Watch for a used lathe with capabilities to do barrel work and close tolerance small parts. A spindle hole of 1 3/8" or larger will work for 95% of work encountered. A 36" or 48" inch bed would be great. With some time, effort and a bit of luck you should be able to find a suitable machine in the $1K to $2K range.
Regarding a mill. 35 years ago, I bought a Jet knee mill with a 5" riser and was told by a machinist friend to "at least put a good vise on it''. I bought a 6" Kurt vise. I still have the machine. Respecting its size and mass (it only weighs about 600 lbs) with sharp tools, attention to speed and light cuts (.030" or less in most cases) it is fairly accurate.
With this said about the Jet machine, on occasion, I have used real Bridgeport machines. The difference is amazing.
The Jet works just good enough to have not forced me into a Bridgeport. In hind sight, a Bridgeport would have been a better starting option.
Jim Westberg