I agree, that’s a nice and easy set up to start with. I’d say a block plane it’s handy for small areas, and touch ups. A no.5 is excellent but a bit heavy and tiring sometimes. I find that a nice rabbet block plane (shoulder + block) with two irons with different sharpening angles it’s essential to me. One fine flat rasp and a medium flat file would complete my set.
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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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1. Power jointer and thickness planer. I have developed various means of straightening the edges of my stock with hand-held tools, but I don’t see a way to efficiently flatten the faces of rough or reclaimed lumber without a power jointer. It’s part of the first few steps for any furniture project, and I want to be able to move through this step quickly and into the more interesting work. The thickness planer is also a huge time-saver, compared to hand-held tools.
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I use chisels perhaps more than any other tool in my workshop, so it’s a good idea to not cheap out here. A high quality set of bevel edge bench chisels (new or vintage) will last you many years (likely your entire life) and will be used on nearly every project. I’ve used some descent affordable plastic handle bench chisels, but highly prefer lighter wooden handle chisels with excellent steel.