I'm still a hobby knife maker and also do stock removal. I've been in the hobby for about 12 years and here is what I would recommend if you already put the $1500 aside and are ready to spend it. Some of this will depend on if you want it out-of-the-box ready or if you don't mind waiting a few weeks/months to gather parts and put things together yourself. And there are extremes to the DIY stuff too, so a few options there. Back when I started equipment options weren't near as large as they are now.. thank Forged In Fire for that.
1. Good Belt Grinder (Spend here)
I started off with the old Craftsman 2x42.. it was utilitarian but belt options were not as great as with the 2x72. I used that for about 4 years and worked fine but did require some DIY mods to get the most out of it. The platen was weak and there was no speed adjustment so it was ripping fast all the time. It did help me learn to use light touch and quench often, but was hard on belts.
There are many options for good 2x72 grinders. You can get parts kits that bolt together (ebay), you can get already built ones w/o motors (KMG, etc) and you can get ones with everything ready go, but the cost goes up drastically. When I moved from my 2x42 to a 2x72, there were no kits and the KMG (now the "Classic") was the only game in town outside of BurrKing. I went with a basic KMG frame and ordered my own motor (3HP Leeson Sealed, which is way more than I needed, but was the same price as a 2HP at the time). I also ordered my own VFD and direct motor mount opposed to going with the belt drive option. The VFD is highly recommended as you have control of the speed and direction of the belt. A few wires and some reading and I was all set. I probably saved about $500 on buying the whole package setup. Again, this comes back to if you want to pay for out-of-the-box or if you are willing to do a little leg work to save some $ and have the same product, just not as fast. This will eat up a very large portion of your money. But well spent.
2. Good Belts (Spend here)
Do the research, decided on blade steel, pre or post HT grinding and get good quality belts. You can use some cheaper ones for some tasks, but for the majority of your grinding use good belts. And don't use them till you are heating up your blade some much it burns to hold. Know going in this will be expensive and it's hard to throw them aside and grab a fresh one, so consider them throw-away items. A good belt may be able to get you 2-5 profiles and bevels depending on steel and pre or post HT grinding. Lots of good shops (3M, Combat Abrasives, etc)
3. Drill Press (Cheap here)
I've been using a cheap Harbor Freight 12" press for years and as long as you make sure the table is flat and level (use a bent piece of hanger in the chuck and spin by hand and shim as needed) then you should be good. Would be nice to have lower speeds and a bit more power, but it gets me by for fixed blades. If I was going to do folders, I would get a mill. And would still like to get a mill at some point for just general use. Having the ability to make your own tools with other tools is invaluable.
4. Heat Treating (Send out)
Now I would love to have my own HT oven and may buy/build one soon, but you can't beat sending your knives out for a professional heat treatment. That is what makes your knife a hard working tool, verse a ground piece of metal. If your HT sucks, your knife sucks, period. It can look the part, but if it doesn't act the part, then it's a fail. Starting out, send you blades to get done right. It might seem expensive, but if you send in bulk you save lots of $. Some shops are $25 per knife for the first 4, then $4 each one after that up to 20 or more. Saves on shipping to send in bulk also. The downside is it interrupts the creative process. Having to wait weeks/months for blanks to come back does suck a bit, especially if you like to make on-off knives and not doing bulk of one model. That being said, once you get a flow, you can always have them going out when others are coming back in. HT'ing is a skill that takes time to learn and master. You can heat a carbon blade with a torch and dunk it in canola oil, throw it in the toaster oven for a few cycles at 450 and you will have something usable, but won't be high quality. If I'm putting 10 hours or more in a knife, I want it be of the highest quality, at least material wise, my personal craftsmanship is another thing, and that takes time too.
5. Knife Steel (Save here)
Start with good ol' carbon steel. As others have mentioned 1080 is great and cheap. 1095 is good too just more finicky with HT. Either one will work as you are sending out for HT. But the lower price will won't be hard to swallow when you ruin a blade... and you will... many. Every knife maker has a bucket full of mistake knives. Chalk these up to learning experience and move on to the next one. Check out New Jersey Steel Baron (Aldo's). You can buy 4ft lengths in various widths/thickness. Start with a few 4ft bars of 1" or 1.25" width, .125 thick
6. Good Sandpaper (Spend Here)
Get some good wet sandpaper for hand sanding. I use Rhynowet Red-Line in various grits.
7. Portable Band Saw (Save Here)
These are great for cutting your stock profiles. Saves belts and time. You can get a cheap Harbor Freight "Deep Cut" and mount it to a table. Good cheap investment. But, get good blades as this is the working part.. I like Lenox and can be had at Lowes. I forget what tooth size I use.. not the very fine and not the aggressive (they break off easy). 14 TPI maybe??
8. Bench Vice (Save here)
One thing I use all the time is my bench vice. Made a rest that I can clamp my blades to so I can do hand sanding. If you don't have one, get one. And get a big heavy one.
9. Liquid Bandaid & Duct Tape
Keep this around for when you cut/poke yourself, cuz you will.
Everything else is discretionary.. but those are the big things I would suggest.
Best of luck, this is a great resource site, feel free to ask anything.
This is the ultimate hobby to loose $ on, but it's fun.