Two other observations:

I haven't seen anyone mention a jointer in this thread, and that tool
is every bit as important for dimensioning stock as the thickness
planer. I know it's easy to spend someone else's money, but you'll
never get cup or twist out of a board with a thickness planer alone.

And, unless you REALLY like to sand, you might think about obtaining
one or more good, quality hand planes. That lightly scalloped surface
you'll see after wood comes off the planer or jointer isn't really a
decorative effect - it, too, needs to go away. You will save a ton of
time (to say nothing about the dust, and the noise) in your final
surface preparation by doing a good job with a hand plane before you
get out the sandpaper.

Good luck!!

Jeff