i have a cheap set of fly cutters and havn't touched them in ages. You can get a nice face mill from grizzly for cheap, or a really nice face mill from glacern machine tool for a pretty good price. I really want to figure out a way to adapt it to tormach tooling... infact if i could find a way i could sell you my grizzly one for pretty cheap ha
For a first vice i would buy just a cheap-ish vice and a clamping set. It really depends on your needs... i would use the snot out of both and if your using the vice all the time check out the glacern machine tool one... good stuff...
For taps i would just buy the taps you use most often and stock screws and nuts in various sizes that fit.