wkohler wrote:Yeah. What Stuart said. :/
Yeah, what Chris said and what Stuart said first. Home ownership and the care of it will change your financial and hobby life in ways you cannot imagine. It's the time suck that is most often unexpected.
Anyway, lots of great and sound advice given. I am with Tammer on his list with some exceptions; this is how I would tackle it :
1. Paint and Finishing: Sounds illogical to look at this first, but since the walls and ceiling are sheathed in OSB, any new electrical and lighting will be surface mounted (unless you
want to tear your walls apart). The space will be empty only once before you fill it with everything; after that it becomes a logistical nightmare. White semi-gloss or even high gloss for best reflectivity and yes: airless sprayer FTW. Forget painting the floor; I may get flamed for this one, but I haven't seen a paint or coating that holds up or isn't a total hassle to work with. Besides, I happen to think grease, oil and tire marks give a shop floor character.
Some questions about the space:
A. Is it attached to the main house? If not then you can forgo drywall as sound won't be such an issue.
B. Does it have insulation and/or a heating system? I imagine in Ohio you will still want to work on your cars in winter at some point.
C. Sound: Do yourself and your future self a huge favor and try to mitigate sound transmission inside the space. That space is an acoustically bright space with nothing but super hard surfaces. I would add a layer of Celotex panels on the ceiling and the upper 3'-4' of the walls. They do sell it painted white but you can paint the more typical tan colored versions also (more argument to use an airless sprayer). I used this in my home woodshop and it makes a huge difference with loud power tools (tablesaw and routers).
2. Power and Light paramount. You can't have enough of either. Figure out which method works best for you and how you work (benches, under cars, etc.). Space looks to have a separate sub-panel: how much power is available? Remember big equipment like the lift, compressor, etc. will want dedicated circuits and if you ever want to take up welding you will need more.
3. Compressor: Yes, that 60 gallon is a good size and should power that space well. And yes I would DEFINITELY stick it outside in its' own little house (another vote for sound mitigation). Plumbing won't be too bad given the size and shape; copper won't be too bad but still expensive. Look into these systems also:
http://www.rapidairproducts.com/ for cheaper alternatives.
4. Work Surfaces: Doing my restoration over this past year has proven you can't have enough open flat work surfaces to spread out for assembly. Even though I tend pile crap on my flat surfaces (it's a disease) having some large flat areas to spread out struts, brakes, body parts, etc. has been crucial. Also having a variety of these spaces for different functions (i.e. painting & finishing, dirty tear-down, clean assembly) is important too to be able to multi-task.
5. Storage: I know you said this is a workspace, but you will still need a level of shelving if for nothing other than a place to put projects and assemblies in progress when you are not working on them. Also as mentioned, all that real estate on the upper walls would be a total waste not to utilize somehow. Even if it's just crude hanging shelving (i.e. some 2x4's and plywood), it will become invaluable.
6. Tools/Equipment: Yes on the lift. Not sure on the height of the space (photo is totally deceptive)and your preference of for either 2 or 4 post flavor. A four post gives you the option to store a vehicle up out of the way and still use the floor area to work on a car under it (depending on ceiling height). Lighting design requires some forethought as you lose your overhead lights this way. If you really want and can use the tire changer that's up to you. But unless you're changing tires monthly (maybe you do, I don't know) then it seems like mis-directed funds; seems to me that utilizing a decent local tire shop for mounting and balancing for those occasional needs financially makes more sense not to mention space allocation. I would instead direct my funds towards a four post lift with rolling jacks, big compressor fully plumbed with good pneumatic tools, parts washer, and a media blaster with cabinet.
7. Sewer & Water: Again, not sure where this space is in relation to the house and/or utilities such as hot & cold water and sewer (city or septic), but a powder room with a utility sink would be ideal. If available, plan on a structure off side or rear that can both house the toilet & sink as well as the compressor. Yeah a urinal would be handy, but honestly sometimes you need to take a crap too and the toilet can double as waste water disposal when cleaning parts. Space and fixture costs come into play as well. The utility sink is crucial: deep with goose-neck faucet and big enough to put a 5 gallon bucket into it or a part.
8. Entertainment: I would lump all that has been mentioned thus far (Audio/Visual, Computer, refrigerator, seating, etc.) as secondary. Once you get into the space and figure how you use it, then make these improvements. Heck, I have been in my hangar space for over two years and still don't have a permanent PC (I just use my laptop) and still use an ancient, crappy portable radio for music. This last one is pathetic considering I have a full audio system ready to install whenever I find the time. But it is all about prioritizing my time in the space lately as I am sure you will discover for you as well.
Yeah, really. I know 2 should do it, but it doesn't. The first coat will get sucked up so quick you'll almost hear it. Unless you're using the $40 a gallon paint. 
