If I could, I would definitely dump loads of money into my videos. I feel like if I had the right equipment, i would feel more inclined to MAKE videos.
On the other hand, if you're not like me and that doesn't control your emotional state (yay), then I would say focus on the part that matters most to you. You say your studio is most important. If you're making music, and music is what you do YouTube for, then OBVIOUSLY focus on music! If you have good looking video but your music, the most important part, is bad, then you're not going to grow the following. Video quality can be forgiven if the core content is up to par with what you're trying to get across.