You don't need need a drill press as you can use your vice and carefully use a hand drill to make your handle fastenings. The craftsman grinder is the one I'm going to be getting to start out.
I'm in your boat though, still saving up as my wife reminds me of all these bills. Oddly enough our HUGE house buying tax return is in her account and I don't get to touch it.. Although we used it to pay off her debt.. Lose.
You're going to want a work bench with great lightning and a good bit of surface, I've read somewhere that 6ft is nice but I plan on going with 8ft. A good thing to do is buy a few base cabinets (Four depending on width) and place them together with an opening the middle for you to sit and work. On top of the cabinets place a piece of wood for spacing (depending on your height) and finally place your work surface, a long ol' piece of wood. Peg board for the wall behind your work space with various pegboard hooks to hold your files, etc.
You're going to want files, I've read here that Nicholson makes some really nice files. A hacksaw, I think that a bandsaw would also come in quite handy and you can find one for just over one hundred dollars (given it's not the greatest, it'll do the job until you can begin upgrading single pieces). Various-sized drill bits, an oil to put on the bits as you drill through steel. You will also want a few various sized clamps to help with holding the blade, holding the handle to the blade, etc.
You'll want a good 4inch vice along-with a knife vice. A respirator and safety goggles. Also, you should get two ball-peen hammers, an 8oz and a 32oz as that should cover most of the peening you'll need to do. A soldering gun is a bad idea either. I got, How to Make Knives and there is a lot of good information in it. Step-by-step guides for making knives with machinery and without machinery of any type. There is also a section on sheath making, etc.
If anyone reads anything in my post that needs correcting please don't hesitate as it would be teaching me too. I have three days off next week and that's when I plan on assembling everything for my station!
Brett