Harbor freight has a cheap belt disc sander that would fill the bill for nock and point tapering.
You can make a simple jig to fit on the miter table like this one and cut more accurate tapers than any of the high dollar specialized taper tools. With routed slot designed taper jigs you can have some slop or movement when you feed the arrow into the sanding disc. With my design you are pushing the shaft into a tight corner as you feed it into the disc and there won't be any movement or slop.
I started out with routed vee infeed tables and like the above type much better.
You can add another low tech jig to the belt and taper shafts in a few seconds as well.