Handgun ammo on a single stage press is way too slow. Having done it that way, and now using Dillon's 550B there is no way I can go back now. Hornady's new Lock-N-Load is a fine press too.
$700 is enough to get started, but it won't buy you any powder, primer or bullets. .223 is easy, buy a Lee Classic Cast single stage press, Forster's .223 Ultra die set, a shell holder, a can of Imperial Sizing Die Wax, a cheap manual scale, a powder measure (I like Redding's) and a tumbler. Lee's hand primer and a shell holder for your claibers helps too. You should be able to get all of this for under $400. Buy dies and a shell holder for the .40 S&W and you can load it too.
You'll need a dial caliper www.gageshop.com
There are at a hundred other things that might interest you, but this is all you need to start.
Go to Sinclair Internationals website if you want to see a lot of options. www.factorysales.com will give you great prices on Lee's products. Don't buy anything cheaper than Lee's "Classic" series press. It's made of cast iron (actually melted rail road tracks) , not aluminum or pot metal. Cast iron presses will last a lifetime.