Own one junk chisel, probably about 1″. This will keep you from doing what you oughtn’t to your good chisels. It can be used and can be nearly trash. It’s going to hit caulk on masonry, junk stuck to the floor, interior cuts on thin sheets of aluminum, and other such abuse. If the back and bevel sort of intersect on an extra coarse stone, it’s sharp. I’ve sharpened mine on the concrete back stoop. (Not so great for the concrete)
Being without machinery to dimension and dress rough timber myself I can definitely see the benefit, but I think the investment (both in money and space) in machinery like this is premature for ‘basic’ woodworking. Additionally, without some other machinery (table saw, bandsaw) you’re still going to have trouble dimensioning smaller timber for projects from large/rough stock (e.g. producing timber strips for case fronts, ripping to reduce thickness, etc).
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Wooden mallets are mostly used for hitting your chisels when cutting joints (like dovetail joints or chopping mortises). You should never hit a chisel with a metal hammer. Build or buy a mallet that is made of fairly hard wood (e.g. maple, oak, beech wood, etc.), that will feel well balanced in your hand, and that gives you enough weight to chop with your chisels.