If I were able to go back in time, I would probably go with the lathe J.E. linked...assuming you're new to lathes. I was in your shoes 6 or 7 years ago trying to figure out what lathe to buy, I ended up with a smaller grizzly, only has 1" spindle bore which limits me, change gears for threading, and just not a rigid as I would like. I bought that brand new though, cuz at the time I was scared to get an old used lathe, didnt know what to look for. I'm on my second lathe now...got over that fear pretty easily, and I have a bridgeport clone milling machine now and am having more fun than you could imagine. But like shortgrass said, the lathe is just the first expense, then comes all the tooling....between all the machines and tooling I'm probably $20k in at this point and I dont have near enough tooling to do what I want...every time I dive in to a new project i have to drop another $200 for something it seems (there goes that barrel i was going to buy).
I could have bought some really nice custom rigs with what I've spent putting together a hobby machine shop, but i never did it to save money, i did it just to see if i can...so far i haven't regretted a penny.