I started out with this:
Fuji XT-1 - Schneider-Kreuznach Componon-S 5.6 100mm enlarger Lens on Pentax bellows - tripod (inverted column) - generic LED light pad - diy mattboard film/negative masks. I was able to get pretty good results from both 135 and 120 film using this rig, but it was fussy to set up and use. The light source was weak. At ISO 200 and f/8 I was limited to shutter speeds around 1/8th-1/25th second. Slow shutter speeds combined with a marginal tripod and longish lens meant I had to be very careful to avoid vibrations. Not counting the camera and tripod (which I already had) total investment for the bellows, adapters, enlarging lens, and light pad was around $150 USD (bellows and enlarging were lens bought used).
After a few upgrades, my current setup now looks like this:
I replaced the tripod with an ALZO Copy Stand ($150US). The generic LED light pad was upgraded to a Skier Sunray Copy Box ($150, used). And I replaced the enlarger lens with a Rodenstock APO-Rodagon D 75mm f/4.0-22 copy lens ($160, used). I can't honestly say the upgrades resulted in a big increase in image quality. Yes, there was some improvement - enough to see - but you have to look for it. However, the upgrades did result in a much more efficient and enjoyable experience.
The ALZO copy stand is only moderately more stable than the tripod, but it is a lot faster to set up. I would have prefered to find a more solid copy stand on the used market, but they are hard to find, and with shipping, expensive to buy. The ALZO is adequate, but just barely. The Skier light box was probably the best upgrade. The light is much brighter, providing faster shutter speeds (1/125th-1/250th) -- and the negative / slide holders that come with the Skier are fast and precise. The light quality is good for color work. The Rodenstock APO copy lens was a luxury upgrade, nice to have, but only moderately better than the Schneider-Kreuznach Componon-S it replaced. The 75mm focal length is more handy than the 100mm was due to shorter working distances (but not too short). I feel like my present rig is plenty good enough for my needs.
As for post-processing, I import the Fuji RAF files into Lightroom where I use the Negative Lab Pro plug-in to invert the negatives. After doing basic adjustments using the NLP plugin, I usually convert the files from RAW to high quality, full size JPGs or TIFs so my final adjustments can be made using all the normal Lightroom tools.
I have posted some results <
here> with the more recent albums at the top of the webpage. The description for each gallery usually mentions what gear and processing were used for each roll of film.