Set a budget.....THEN decide how to equip this project. You will PROBABLY find that owning equipment for such a small plot is impractical (at best...)
That said, if you're bound and determined to bale your own hay, here's my $.02 worth. (routed in 40+ years of farming with all sorts of brands, models, and concepts of hay equipment)
There are good SOLID reasons behind staying with well respected, known brands and models. The more obscure the equipment, the less likely you are to have access to parts, and available "knowledge" no farther away than your keyboard.
Cutting....
Discard any thoughts of cutting hay with a rotary mower UNLESS you want ruined hay that is chopped into mulch. It's especially bad if you have any alfalfa. Rotary cutter will beat ALL the leaves off the stem, leaving you with junk hay. It's POSSIBLE to cut and bale with a rotary cutter, just pathetic results under the best of conditions.
Sickle Bar mowers do a decent job, but aren't as fast as some of the newer methods. Personally, for 2 or 3 acres, I'd go this route though....Simple, low cost (relatively...) , low hp requirements, and small space required to store. Best choices? New Holland 451 or Deere 350. Again, parts and available "advice".....
Mower/conditioners are essentially a sickle bar mower with a built in conditioner. One step ahead of a plain sickle bar, but still old technology. You could EASILY handle a smaller (7') New Holland, ect, Moco...
Keep in mind, the sickle bar has been around for more than 100 years. (all the way back to horse drawn days) There is a reason why it stuck around.....They WORK, they don't require tons of HP, and they're easy to work on. Newer technology is great, but at a price.
Disc mowers and drum mowers. They're all that AND a bag of chips, just a lot more $$$$ than I'd be willing to shell out for 3 acres. Also, you're a little short on HP for any disc mowers I know of.
Raking/tedding. I like New Holland roll-a-bar rakes....Couldn't give me a wheel rake. (Tend to pick up too many rocks) Get a tedder. They take a lot of the risk out of working hay in marginally damp weather among other things.
Baler...Go with either a John Deere or New Holland baler. Every one else spent their days chasing those two brands. Again, personally, I'd go looking for a 336 Deere baler. Also, with NH or Deere, you're more apt to be able to get good advice from others with those brands, not to mention parts being more easily located. (Advantage of numbers) After owning a couple IH balers over the ages, I'd avoid them at all cost. Never saw one yet that I was impressed with. MF balers are a "fair" option, but nowhere near the class of the NH/Deere models.
LOOSE HAY? PLEASE....Shoot me first....

WAY too little return on labor invested...
My hayin' equipment roster..
NH451 sickle bar
NH 489 Moco
Kuhn tedder
two (rigged in tandem) NH 258 Roll-A-Bar
Balers JD336, Vermeer 5410 Rebel
9 wagons, a Little Giant elevator, and a tired back....
