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I agree with Hunter Customs. It is according to how much you want to do as a gunsmith, and what you can afford at the time. Also, is it a profession, or a hobby? A small lathe is big enough to make firing pins, and do work on all revolvers and pistols. There are some small mills out now, for around $500, that would do about all you can do in gunsmithing, provided you don't overload them on a cut. Everyone thinks you need a big Bridgeport turret mill, or a big South Bend Turnado lathe, but you don't, as the work isn't that big.
Also, I have seen some gunsmiths who had the machine shop and welding knowledge, but simply didn't do it, they farmed it out. That didn't make them any less of a gunsmith. If you took a look around the gunsmith shop of Bob Dunlap, he uses smaller machine tools, and his shop is only about 18' x 24', if I remember what he said correctly.
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