you have had some top guys answer already, and if i may, i will throw in my 2c worth as well.
agreed with all the above- good bandsaw- or at least your first upgrade. and learn to tune it well.
a drum sander is a huge asset, but not a necessity at least initially.
as for jointers, i have to agree with Roy, not based on personal experience, but rather from my good friend Bert Frelink ( quartermoon bows out of alberta) whos bow shooting career almost came to an abrupt end when he mangled his fingers , trying to thin some boo on his jointer- a job he had done a thousand times, i dont think he could shoot for at least a year.
you can upgrade a 14" bandsaw and put a bigger motor on it, thats the kicker with trying to saw all these hardwoods we use- its usually not so much a space issue , but rather a power issue.
i have a 14" and a 16" in my bow shop, the 14 is std and has a narrow blade for more intricate work, my 16 has a 1 and 3/8" ripping blade on it with a 7/8" tooth pitch and has been upgraded to a 5hp motor
(i am a lover of bandsaws, my other 2 are in my other shop, a 24" and a 36" with 15hp motors)
i really want a nice big edge sander- but havent found the right machine at the right price yet, so i took a table top bench sander( 4x36), put it on its side, upgraded the motor, built a bracket and a table for it- and it works really well- cant lug it down. its awesome for doing the sides of the glass bows- not as nice as a good big edge sander- but its way better than hand filing, like i did for the longest time.
I took my cheap spindle sander and with minimal expense, i made it into a pattern sander.
i think for glass bows, that was my best investment. shaping risers , and getting the flares just right, takes a lot of time and care- with my templates i can do a riser in a few minutes, literally, and its perfect. and i can still use it as a spindle sander to shape the handle area
we all have built bows with only hand tools, and it works just fine, just takes longer, but sure gives you an understanding and a true feel for what you are doing.
and i have to agree, good dust collection is a must, IMO the Clearvue cyclones are the best, they have been tested and work the best, they offer finished units, kits or plans, and build your own.
for self bows, i still only use hand tools though, files, rasps, cabinet scrapers , spokeshaves etc
good luck, and keep us posted