I got that same arbor press and it really comes in handy when you need to push out a bearing or do light pressing jobs where speed is more important than power... For me it was a good buy and once you get one and mount it, you'll find yourself using it a lot.
For my lathe, I got a Harbor Freight 7x10 mini lathe which was fairly accurate right out of the box, and after some tweaking I got it to where it could stay within .0001 turning down on a piece of 1/2" x 6" soft aluminum round stock to test it out. I've used it a lot for correcting the cranks and jugs on the HT engines and it can handle the job a lot better than I first expected. I can do some minor milling with it by mounting the work on the toolholder, but I plan on getting the medium size mill that Harbor Freight sells, but I decided to get the 4 axis CNC router first since it can process aluminum and other soft metals... there's no way I'd try to process steel with it, but I'll get the mill soon enough after selling a few pieces of my artwork that the router will help me with. I was wanting to get a combo mill/lathe like the Smithy but decided on getting stand alone machines. My air tool collection is quite extensive with several die grinders, drills of all sizes, air ratchets, impact guns, rivet guns, etc... and I got an 80 gallon compressor in my garage to feed everything. I'm also fully equipped to paint with several air brushes and paint guns along with all the polishing and finishing equipment, then I got a plasma cutter, TIG, Mig, and both inverter stick and a huge Century buzzbox for welding as well as a carbon arc torch for brazing...
I'm no machinist, but it's always been something I've wanted to do so each time I get a new machine tool I gotta learn how to use it before trying to produce any real work out of it, and I'm glad for the internet when it comes to that... I've also used the net to teach me the proper ways to use the TIG welder and my skills went up considerably after watching several hours of welding videos from weldingtipsandtricks.com
I am getting more proficient with the lathe but still need to find a good machinist forum so I can use it to it's full potential, right now I can turn down or true a crank and do most the basics but wouldn't try to cut threads just yet etc.. but I'll get there eventually...