Cheap tools are mostly fine unless they are what would normally be considered precision. The tools which need precision (lathe, mill etc) tend to be precise initially, but built so badly (to keep costs down) that youll wish you never set eyes upon them a year or two on.

I have Ferm/Clark Grinder/linisher, 150A MIG welder and bench saw which I rate very highly.

I did have Clark a pillar drill, but the spindle in the quill managed to twist and bend in the process - rendering it useless!

I would scour the friday-ad for second hand tools. This has yielded me a Miford super 7 lathe for next to nothing, an Eutectic TIG welder for £25 (chap thought it was broken cos the HF start kept giving him electric shocks!) and a Bridgeport mill with 3 axis power feeds & 3 axis DROs (more expensive, but lovely!).

I did buy a 24v cordless drill, new for £30 - and its better than my DeWalt!

On the plus side, most cheap tools will give up within the warranty period - so you can get another one for free!

Si