I am starting out in my transformation, I was wondering if this machine would be a good choice to cover everything?

http://www.bodysolid.com/Item.aspx?ItemID=493&ItemLabel=Body-Solid+Multi-Press+Rack%3a+Body-Solid+Multi-Press+Rack

If not, what would you recommend in that price range / size?

Thanks

I suggest you get a power rack instead. For $499 you have lots of choices. Below are some of the more popular ones. Keep in mind that you will still need a bench, weights and bar.

http://www.fitnessfactory.com/Item.aspx?ItemID=489&ItemLabel=GPR378%3a+Body-Solid+Pro+Power+Rack

http://www.powertecfitness.com/power_rack_systemo.htm

http://www.omnifitness.com/products/product_detail.cfm?ID=1186

http://www.newyorkbarbells.com/8510.html

http://www.gymcor.com/bodpowrac.html

Search this site for rack and you will get lots of info. Also try http://forum.bodybuilding.com/forumdisplay.php?f=26

Also try searching craigslist for used equipment in your area. You can find really good deals.