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.