I can appreciate the OP's entrepreneurial spirit and admire his end goals. Having birthed a biz and bought one, brought it back from the dead, sold it, reacquired it and rebirthed that one, allow me to suggest this:
Start with the smaller bolt on, add on pieces with an eye to establishing a name. You will learn more things than anyone can begin to mention or that you can absorb on this forum - especially if you don't have multiple years in the machining trade or programming experience. Speeds, feeds, material, general machining principles etc. Then machine repair, hydraulic, mech and elex.
One thing that wasn't quickly picked up on was wgt/rigidity of the equipment. That goes hand in hand with precision - a prerequisite along with tolerance holding ability. When you buy a level for setting your equipment, get one that does better than .010" per ft.
War chest? You will need to be able to keep the home fires burning for a good year if not 2 w/o having to depend on profit. By starting with the smaller, non gov't reg'd items, you are lessening the pressures not directly associated with manufacturing. Less paperwork, fees, liability - fewer fronts to do battle on. Hitler took on the world then went to Russia while he was "on a roll". Conquer one at a time, build your foundation, buisiness reputation and personal knowledge. Slow but steady wins this game.
I have a bit of insight as a bud at church is now up to 11 machines, lathes & mills. He started with 1 ea but had 20 years experience in his Dad's shop, is an absolute wizard at programming/fixturing and he still had plenty of ups and downs and the downs were tuff and long. I helped out on occasion so have some insight from his perspective.
Many ideas for a start up are good, workable but are slain from over extending before the foundations of finances, knowledge and skill are established. The more time you spend walking to the goal early on . . . . .
We wish you total success but pay close attention to what the guys have said. Many good insights. Especially the gaging and calibrating. They do NOT come cheap. Do some recon work on that alone just for gen'l knowledge.