Hello Kelvin,
As much as the lathe is always considered THE essential metal machininig machine, I have slowly come to the conclusion that it is not really the case.
In woodworking, the router can be employed satisfactorily to replace a saw, plane, rebater, hole cutter, etc. – sometimes not as convenient – and relatively easily done.
The small hobby lathe may have been the only machine a person had, perhaps later fitted with a milling attachment for extra operations. Indeed, many model engineering plans/kits were able to be made with just the use of a lathe. That was because milling machines were developed later and were regarded as an asset of only the wealthy (or fanatic) hobbyist.
Nowadays, I expect I could make most (smaller) items with my Centec 2B without recourse to using my lathe. I won’t, of course, because of the added complexity as I have both available. I have a rotary table, which could be used to shape most cylindrical items.
Starting the hobby with a lathe is the usual route. But if I now only had space for one machine….
So I might suggest that although the first acquisition will be a lathe, the milling machine should be the next (and more capable) than the former.
That means taking both mags is likely good sense – at least initially.