Need recommendations for fitness equipment: yoga, pilates, stretching?

I want to install a small home gym in a 9.5 x 11.5 room (8' ceiling) on my second floor. The purpose of this is two-fold: I need to lose weight, and I need to regain strength and flexibility.

I was thinking of installing a ballet bar or parallel bars and buying a new or used Total Gym (for pilates).

What do you all think? Anyone have experience with Total Gym? Any recommendations on an alternative piece of equipment?