I'm looking to invest in some bow building tools, starting from almost zero. Does anyone think the Power8 Workshop would be a cost effective way to go, or do you think I'd be better off with more standardized equipment? Thanks!

From what I see those are decent tools for everyday home chores.
I don't see much in the way of bow building tools there.

Tell us what type bows you want to build.
Fibreglass, laminated wood or self bows?

Makes a difference on tools needed.
Most can be done with some basic rasps, cabinet scrapers.

My first five bows were built with one power tool;  a black and Decker saber saw to rough out the risers.  From there it was rasps, hacksaw and sandpaper.  When I got a drill press and sanding drum it was a huge step up.

I'm not saying "don't buy tools", but just trying to lend a different perspective.  These days I have a Rigid oscillating sander, the drill press, a table saw and a bench top band saw.  

But, there is no such thing as too many tools!

Thanks, guys! Primarily laminated bows.

You can't have too many tools, for sure.
You can, however, have to little space to use them.
Given I live in an apartment and like to avoid annoying my neighbours, I don't use power tools all that much.
I mostly use rasps, scrapers, hand plane and sandpaper.
I have a drill press, a hand-held belt sander and planer - too noisy for regular use where I live.
Doing stuff by hand is much more satisfying anyway, IMHO

Nothing like firing up a table saw in the dining room.    

I looked the power 8 up and honestly, I think it might be undersized and underpowered.  But, I've never seen one in operation so that tells you what my opinion is worth!