If you are mechanically inclined and can fix all your own (used)equipment, then you can probably make it with your existing equipment. You will not have the acreage base to justify new stuff....just not enough income coming in to make the payments. Now, if you have the money readily available......that's a whole new ball game many of us have never played in. You will need to halfway enjoy working on all your equipment. If you don't like that sort of activity....that's strike one. (We) can't afford to have the implement dealer come get our stuff all the time and work on it. Use what you have to get started. It makes "dreaming about the new stuff" all the more fun.
I am located in central Missouri and like Paul, deal mainly with getting rid of water rather that dumping more on, (this year being an exception). I cannot advise you on irrigation, nor am I familiar with the peanut crops grown in Georgia. By the way, I'm proud of you for coming back and facing us old farts. You proved you got a pair! Welcome aboard.