I'm doing exactly what you are talking about. What do I have.....hmmm....here's a list
Old G4 powerbook
DSR-11 DVCAM deck
JVC NTSC 750 line NTSC monitor
Powered audio monitors
Very extensive music, sound Fx, and animated graphics library.
Final Cut Pro, Motion, DVD Studio Pro, Soundtrack
After Effects Pro Version
Photoshop
Every plug in I can find (Sapphire, Boris Continuum, Everything from Trapcode,
Magic Bullet, Nattress Film Effects, CHV, I literally have every plug in in the known universe for FCP and After Effects,)
PD-150
Libac tripod
Photoflex green screen
DV creator 55 light kit
3 wired tram lav mics
1 wireless lav mic
3 sennheiser shotguns
boundry/table mic
stick mic
Alesis 16 input mixer
tons of XLR cords
Wirecast software for doing live internet broadcasts
Sorenson Squeeze for sending MPEG-2 or H.264 files over internet to stations
Digital SLR still camera
Photo Printer (that will print photos on DVDs and CDs)
700 gigs external harddrives
Old VHS deck
All that is just off the top of my head. I have a bunch more stuff that I am forgetting....couple old shure mixers and tons of other software related to video production like Studio Artist etc...
I paid for everything with cash.....never used credit. And did it on a news photogs salary, so it can be done (not easy but possible). And I'm a small one person shop. You can spend a ton of money pretty quick doing this.....make sure your market will support it before you spend too much. On the up side, when you DO get work it can pay pretty good....I've had 2 thousand dollar days but I've also had months with no work. Of course I'm not doing this 'on the side'. I'm doing it full time. I wouldn't advise that for most news photogs, but I got pushed into it when my former station fired me for 'doing stuff on the side'. So maybe you should see if your station would have a problem with it....my old station saw me as competing with their production department. They told me to stop. I refused (after all it was my own gear on my time.) They fired me. But hey, I like this better than working for them so it all worked out.....I especially like the days I 'steal away' one of their old clients!!!