IMO, one must start with the accuracy objective, which means define it. Minute of vitals on a deer, minute-of-angle, or screamer-group-capable on a regular basis are all very different standards.
The main thing is to get (responsibly) in the game. The game will determine the hierarchy to a big degree too. In benchrest, you must have good enough equipment to be competitive. In metallic silhouette (shot from standing position), the biggest variable by far is the shooter. Configure a 1/8 MOA capable rifle into a silhouette rig and give it to somebody who isn't skilled at standing position shooting, and that person will get dominated by a skilled shooter with a 1 MOA rig.
So, the answer, as always, is: It depends. And my advice -- worth what it costs -- is spend what you can afford. Don't let some gear sneer, some brand sycophant, some bonehead in other words, spend your money. It's a journey, an evolution (by Journey!), a process. Half the fun, at least!, is figuring it out as you go. The first time I shot a sub 1/2 MOA group (five shots, meaning a real group for a stock rifle that weighed 10 lbs including optics), I was on cloud nine. As we walked downrange to check the targets, I smugly said "Frederic Remington knew how to build a good gun, didn't he..." and a much more experienced shooting colleague (and better than I'll ever be) walking alongside murmured "The guy you mentioned was a sculptor".
Doh! :-[