In my shop I have a few types of lighting, but I have also ensured that all my lighting is on separate circuits from my general outlet circuits.. In the main shop, it is H/O Flourescent 2x40w 8ft tubes -- 5 sets. I also am using specialty lighting at the specific tools - this is an ongoing project. I have found that H/O is great for general lighting needs, but does leave a lot to be desired when directed light is needed. Good halogen or incandescent lights on articulated arms are really useful. I even have a couple of those inexpensive magnifier lens/articulated lighting fixtures for when you really need to see something small.
Depending on the height of your ceilings, wattage may have to increased for halogen or incandescent lighting. But for flourescent, the DayLight are about the very best for good clean lighting. Useful for both wood and metal working.
Do keep in mind though, that when you are working on say the band saw, drill press, bench grinder etc., that directed/articulated lighting is a real boone. Also, sheilded trouble lights are also useful. I sometimes yearn for a ceiling mounted spring tripped reel system that would allow me to have a couple of ceiling mounted - shop wide available auxillary plugs for tools and the trouble lights.. but I make do with extension cords for the time being. One must always have a wish list
In my finishing room I have wrap-around lighting. These are 2x40wx8 foot flourescent fixtures -- in my 10x10 foot finishing room there are 5 sets as well. 2 ceiling mounts and 3 wall mounts. I also use directed lighting (halogens) as needed.
Compressor room or shed is a good idea. Direct inlet feeds from the exterior is a good idea. My compressor is fed with clean exterior air that is pre-filtered outside the shop. It is also enclosed in my furnace room to deaden the noise. It is also mounted on rubber feet and on floor dogs (4x4)'s to help prevent walking and excess vibration. The compressor is on it's own 220v 40Amp breaker controlled circuit with a separate box from the main panel. My arc welder is also on a separate 220v circuit, but it is in the main panel and can be switched off if necessary. My MIG welder is on a dedicated 110v 20Amp circuit.
My air lines are all regulated, filtered and are ceiling mounted coils except in the finishing room where is it just hose. I find that easier. I have extra coils around to allow extended range for the hoses. The only thing I could not afford so far is a dryer for the system, so oil/water separators are what I use. I am looking into access point desicant type dryers for the shop though... they may be useful and less expensive than a shopwide dryer which is like thousands of bucks..