If you want to do only handgun shooting, with perhaps some fast 'n dirty rifle work, go with 50 yards, three firing points with a benchrest at one (removable designs are interesting), and a target carrier out to 25 yards on at least one firing point.
It's nice to shoot paper targets for sight adjustments, etc., without a need for a cease-fire to retrieve the targets.
Consider getting a bullet trap made by Action Target in Provo, Utah. Theirs can be had rated up to .50 BMG, and lead recovery is a breeze.
Depending on the trustworthiness of your friends and the location of the range, you may need to consider making it fully bullet-resistant in all directions from the firing points. Don't forget the roof.
Rifle discussion comes later, with more information regarding what kinds of shooting you want to do.