What Woodenspoke said. I just bought the Ridgid planer, and it's a fine tool, wide enough for a telecaster or a strat. It folds up very compactly, I have space problems also. Then get the jointer to square up edges for gluing and facing fretboards and such things that the planer won't. Get both, you'll be happier I bet.
BTW, I started with a Porter Cable 6' benchtop jointer and it did very well with guitar sized lumber, but I don't think the bed length would be useful for stuff over 36" or so. I returned it when I found a new Ridgid 6" floor model jointer on clearance for less money only two weeks later. I was trying to keep to benchtop tools for space reasons, also, but the price was too good to pass up. Anyway, so far I've done two tele bodies of two piece sugar pine and both tools have worked very well.
