George,
Sounds like a great space. Here are some ideas that have worked in our shop.

1) Best thing I ever did was install grid wall on the walls above the work benches. Grid wall is the stuff retailers use to build displays. I found a Staples office supply store that was closing, all of their grid wall and display racks went into a dumpster. The dumpstre contents all ened up in my shop. You can buy the stuff from retail supply stores too. I think if yo utalk to the staples manger they will sell you grid wall from there supplier too. (nice red color) It looks great too. I like not having to go into a tool crib to get stuff. I have the grid wall divided into stations like saws, chisels measuring, sanding,safety, grinding and sharpening etc. Also you can change your organization of your grid wall system easily as you acquire more tools change space usage etc. You just take the hanging stuff down and put it where you need it on the grid wall. Thus providing a lot of flexability. So your shop can adapt with changing requirements. I could rave about grid wall for days.

I like stuff that gets picked up and hung up easily. I also got plastic coated wire bins to store the accesories with the tool. sand paper etc. I use magnetic strips to hold sockets and metal tools etc. So everything is all in one place. There is no rooting through saw dust filled drawers with a grid wall system, and clean up is easier. Now if only I'd get around to cleaning it.

2)Hang strips and stock over head on the ceiling. Ceilings are spaces folks don't always use but its great storage space. As you can tell I like just reaching out and touching what I need. Ceilings are good for that. As part of that, I put electrical outlets and dust ports on the ceiling. I hate walking around a shop and hurdling power cords and dust piping.. Taking it to the ceiling, means you can reach up and find a port or plug easily, and your shop budy can still easily walk around you and your project. with out being tripped up by wires and hose extensions.

3) Hanging stations. I hang certian tools I use often on pipes . So they slide around the shop bench.Dremels are a big one. This keeps vibration down and takes stuff off the bench. Vacuum ports at no more then 6 foot intervals to make cleaning easy on the work bench.

4) build your shop benches to your working height. I am 6' 4" and the standard bench has me crouching all day. However make some bench space that others can use at standard height.

5) Shop stools. Bar stool like. They are great for sitting down over fine detailed stuff. Or for when folks stop in to talk while you work.

7)There are many larger bench tools that get used occasionally. That you may not want to have taking up space. Bolting them to plywood decks. So they can be stored/stacked like shelving in an open faced slotted cabinet. When you do want it you can pull it out bolt it to the bench or clam p it between two saw horses.

Leave space for long rolling stock at the end of things like joiners and table saws.

9) I don't have the room for one, but If I had the space I'd get an old wooden archtectual drafting table with a drafting cabinet for plans and hang a book shelf above it for my shop library.

10) Garbage cans big ones and lots of them

11) Don't forget the music system, the coffee pot and the shop dog.

I'll e-mail you some pictures after I do a bit of clean up.