Phil
A radial arm saw is really just a crosscut device with (compound) mitre sawing and trenching capability. In a bigger shop it has its uses for crosscutting when breaking down stock, etc but a table saw with it's ripping capability (or alternatively a bandsaw) is probably more use if you're dealing with solid timber. Trenching can be performed just as well with a router and a home-made jig (which also allows you to do the better quality stopped housings, tapered housings, dovetail tapered housings, etc). So if you're budget runs to one main machine I'd do some more research and write down a list of objectives such as "rip solid wood", "mitre cutting", ""trenching", etc. Then rank them in order of importance and look how you can do the job with your current tool set. You may be surprised.
My first saw bench was a B&D circular saw screwed to the underside of a piece of plywood and held in the Workmate - rip fence was two bits of PAR studding and a couple of G-clamps and the whole shebang needed a couple of sand bags to stop it walking across the floor. I did my crosscuts with a hand saw and cleaned up on a shooting board. So there are other ways... These days I feel that you can achieve more with a small bandsaw in combination with a portable plunge saw/straight edge than you'll get out of a new RAS. Probably for less money too
Scrit