Maybe I'm not the best person to get advice from being new to CNC, but as someone who has started in the deep-end - and still in the deep-end - I'd buy a few cheap Chinese single and 2 flute up-cut endmills for cutting and pocketing. Yes, they aren't amazingly sharp but they cut MDF, acrylic & aluminium reasonably well(for a while at least); and you aren't going to break the bank when you break them - and you will break them:) When you get a little more to grips, get hold of some better quality bits. I've bought a few from Shop-Apt. Maybe not the best in the world, but they cut through acrylic (and aluminium) far better than the Chinese - and leave a much better finish. Last longer too. Can't say I've had much use for ball-nose just yet, but you'll definitely find V-bits useful. I use those small 30 degree 0.2 mm & 0.1 mm bottom V-bits for engraving acrylic. The big cheap 60 & 90 degree Chinese V-bits that look like something out of rambo are great for large lettering, engraving and grooving too.

Wooden chest... hmm. Next project maybe :))