re: What can you build in a small low budget shop?

I agree Paul that the skill factor is the most important part of woodworking by far, and that expensive tools are not a necessity, but I do think that there is a ‘joy’ factor attached to quality tools that adds a lot to the experience. Most of my years in woodworking have been with cheap tools and they worked, but they weren’t sweet. In the past 4 or 5 years I have acquired some better quality tools, namely a great chevalet (Your design), a good scroll saw (Excalibur), a good saber saw (deWalt), a good sharpening system (Tormek), a good router (Trend) and a good battery drill (deWalt). Except for the chevy, these tools were all replacements for lesser quality tools that I never liked much and I can honestly say that I really love them.