The problem with the little round balers is they're really just a novelty. Small square bales are easier to handle and store, and there's plenty of equipment out there to make them. Some of the folks I'm working with probably do t have $11,000 in the tractor and baler combined. It's older used equipment, but if you want to get into farming you need to be mechanically inclined to some degree to start with.
If you wanted to do small scale hay, you could find an older square baler with it's own engine. All the tractor has to do is pull it; that said, I don't know if a 1 series is heavy enough to safely pull one, and certainly not with a wagon attached. That would mean you'd have to pick up the bales out of the field, which would require a truck, trailer, and a lot of labor. Then like Tonton mentioned, there's the cutting and raking that will require equipment as well. You'd need a sickle mower, don't think anyone makes a disc mower that would work. The common 7'+ sickles are too heavy to be safe, but there's a 5 or 5.5' that's marketed just for SCUTs that may work. That's an awful small swath to be cutting for the amount of time and fuel used.
There may be a market for small amounts of custom hay, but I'm afraid a 1 series is too small to do it efficiently enough to be profitable.
