I think you can get around the need of buying most of the gear by making some of it yourself. A power supply can easily be made from discarded electronics like a power amp.
Making something yourself would a good start for the club and great learning experience. Learn by making - a lot of us started like this. I made many power amps, frequency counters, remote control circuits, alarms and many others without a scope. Sure it would have been easier but not much.
A logic probe could be an interesting low cost project as well.
Need to also communicate your goal - what do you want to achieve ?
What project are you guys/girls planning?
Analog? Digital ? Programming?
A good start will be getting basic tools:
breadboards : for building projects
Wire
side cutters
multimeter
Soldering tools
Vent for solder fumes
Usb power supply for Arduino projects
Battery holder 4xAA or 4XD- as power supply.
I dont think you need to start with advanced tools like Oscilloscope as they dont get much usage for beginners/learners.
But if you feel you need one build a probe and use sound card in laptop as a simple scope up to 50khz - might cost you $25 to build a probe for that.
If you need a scope and logic analyzer (which i think is not that important ) get the analog discovery 1 or 2 but that is $100 used ...$300 new but well worth it.
Do you have a dedicated space for the club? please share some pictures.
BTW willing to support you with a few Arduino boards