If/when you buy a torch set, get one that is multi-fuel compatible. That way you can run acytlene or propane. Like any tools, buy something of quality and you won't go wrong. I prefer Victor, but Smith makes good torch sets as well. The last Victor set I bought is multi-fuel and comes with the quick reference books for different setting with different fuels/tips. Saves alot of setup time and a great reference Go medium tanks, as the small portable tanks burn up to fast. I like the 135Oxy, 250Acy tanks for the shop, and a T Oxy/AC5 for the M887.
On a mig welder, my opinion is to buy the biggest you can realistically use. My first one was a Hobart Handler 180, and thought that was all I would ever need. Didn't take long to find out it wasn't enough. Now I'm running a Miller Miller-Matic 212, with the 2 gun setup, regular gun for steel, and a spool gun for alum.
I own all my tanks, torch and welder. That way I can swap them at either supplier, whoever gives the better deal at the time.
Same goes for a Auto-Darkining Helmet. Buy something quality, you only have one set of eyes. I run both, and like the Auto for body work and Tig welding, but prefer the straight shade for heavy mig and stick welding, but everyone has there own peference.
Good luck, let us know what route you end up going