To all,
My thanks for the many and varied advice. To give a little bit more information (and thanks for all who have replied); this is truly going to be in the 'hobby' category. I'm within eight years of retirement and would love to start something I've always wanted to do before I get to that fateful day and walk out of work going "ok, now what am I going to do?".
Part of the reason I've waited this long is work, raising children and making sure that my family never wanted for anything (yeah, I know, there's one cliche for the books). Now, as to why woodworking, I've spent my entire life (up to now), in the electronics/computer/IT field. But there's always been this desire to take a raw piece of wood and make something that's a one of a kind in this world. Anyone (in my opinion) that can look at a *good* piece of furniture and not be amazed at the wood grain, the finish, the play of light on the top, sides and mouldings is lacking something somewhere in their soul (ok, poetic side back in its corner).
Now, as to the questions (asked of me) and the reason for my original post. Yes, it's going to be a half-of-the-two-car-garage workshop. I have two walls in the garage (with cars in) that are 4 feet deep by 25 feet long, plenty of space to store tools against the wall. Add to that a section in the garage of about 20'x12' that stores nothing today. I figure I can store a full table saw (with in and outfeed tables) there easily.
I also have a 7.5' tall 30'x24' crawlspace that shares a wall next to the garage (the town planning board nixed the idea of taking out 1.5' of dirt and pouring a pad in there)that will be perfect to house a compressor and vacuum system to be piped into the shop where needed.
My first project(s) planned are cabinets for the garage, converting a basement into a home theater and probably (with some help from a general contractor) finishing off a 800SF walk up attic to turn it into a library (in following this newsgroup, I'm sure with some experience over time I can make cabinets better and cheaper than at the BORG). With those under my belt, I may even tackle the kitchen and replace the cabinets there.
And finally, in closing, I've been the old classified adds search and most of the used tools I've looked at were either to worn out or to close to new prices for me to bother. I'm not an expert (I freely admit that) and my biggest fear is buying a lemon and not even having a warranty to fall back on. So, for the money I have to spend I can outfit (with a budget in reserve for all the 'other stuff' such as blades, sanders, chisels, router bits, Etc.) a good 'full' shop using Grizzly or almost all of my wish list using one of the more expensive lines (Delta, Powermatic, Etc.).
To all of you that have replied my thanks, you've all given me some great advice (well, I'll skip the one about always having four car payments, but with my last car being 20 years old and two kids that travel 80 miles a day to college, it was necessary) and a lot to think upon before I pull the trigger and decide to jump in with both feet, or ease into the pool.
Bob H