Go with separate machines, IMO a much better move. If you're planning on laminating you'll have to pull the work out of the machine before you cut anyways. Also, you can be cutting 1 job while your printing another.
I would suggest either a Mimaki JV33 (or used JV3) or a Mutoh VJ. Don't bother with anything smaller than 54" as that is the most common media size. A 48" printer will be really frustrating in that regard.