I would advise getting a machine and frame combo that works together.
I have a Voyager 16 on a Hinterberg stretch frame that I purchased for $3,000 used. You can buy them from the Hinterberg site too. I don't have a stitch regulator and sometimes wish I did -- it would make pantos and ruler work a lot easier! Mine works great for the free-form quilting I like to do, though. There are a couple of used machine websites you can check periodically to see what is available in your area. One QB member found my setup, with a stitch regulator, advertised there and got it for less then $2,500.
Another newer option is the Block RockIt (the machine) that you can purchase as a package with a frame. Some members on the homequiltingsystems group (on yahoo.groups.com ) really like it.
Unless you are sure you cannot save up money for a midarm machine, I would advise against buying a frame and small-throat machine (Juki 2010, etc.) separately. On larger quilts such as queen size, you will be limited to 3 or 4" of quilting space at the end -- which greatly limits your panto choices.