Thanks for the ideas guys. But I am still curious about my original two questions. I looked in the 2008 code book at a couple articles and didn't see anything that actually disallowed what I am thinking about doing.
See if my logic is correct. This would would be a branch circuit, 210.19(A)(1) says I need to plan for 100 percent of the noncontinuous load of all of the connected loads for the ampacity of the conductors. I come up with 28.5 amps. So I will put them on a 40 amp breaker. I am considering these loads to be noncontinuous. 210.20 says the OCPD needs to be at least 100 percent of the noncontinuous load. 40 amp breaker.
210.21 (B)(3) says I can put 40A or 50A receptacles in. So from what i understand the answer to my first question is yes, I can put multiple 40A receptacles on the same 40A circuit.
As far as the 2nd question, installing a small piece of equipment on a 40 receptacle, I can't find anything in the code book that disallows this. Or rather does the code say that a small piece of equipment can't be protected by a larger breaker. Here I am basically protecting a 3.5A drill press with a 40 Amp breaker. 430.53 says that I need to protect the smallest motor (via 430.52) at maximum (800 percent) which is (3.5A x 800 percent = 28 Amps, which can then be moved up to a 30 amp breaker because of 430.52(C)(1)(exc. no. 1). But this is not enough ampacity to protect all 3 pieces of equipment, because of 210.19(A)(1).
So basically I just proved that I cannot put all three items on one 40 amp breaker. So now I need to look at what the cheapest option is to protect the items. The cust. was able to get all of the equipment for around 200 dollars at a local auction. So to spend alot of money to wire the items up is not cost effective. These would be back up equipment.