Is that a Natura Redwood or one of those weeds that grow in certain biomes?
My first order of business on any new world is to find a 13 block diameter Natura redwood to live in. Using the center block as my ladder support I dig a shaft down to about level 40, then 4 rooms, each at the 4 compass points. 1 is my farm, another is my smelter. The 3rd is my Ore berry room and the 4th for machines and/or magic, whatever I start first. If I need more room I can go either up or down a level, depending on the water table.
I usually end up with a lost mine directly beneath the tree at some point, or at least a chasm leading to one. I also start my turtle excavations at level 40 to avoid destroying the surface.