My belt grinder is my favorite tool - I use it for all kinds of metal projects, and wood as well - however, it is way outside your price range. You mentioned you were going to get one later, so I'd suggest not getting something now that will be obsolete when you get yours. Drill presses are handy for a lot of uses, and a good dremel type machine is a good starter tool for other projects, as well. A 6inch variable speed grinder can be used for buffing, and will run around $80 at Home Depot. Good luck!