Thanks for the comments guys. As much as I'd like to go with the spray foam. It's just too pricey for my financial situation. Any upgrades to the building has to come out of the car budget, so the $$$ will go to truly needed items like electrical and plumbing. For now, my insulation will be restricted to glass batts & foam boards. I've worked with them before, and yes, they're a PITA, but they were free! I have a friend in the building trade that occasionally gives me the left-overs from big jobs.
As to the lighting, I agree 100% about the LED conversion. Our house is almost totally LED now, and it has made a noticeable difference on the power bill. I have three 4' flourescent fixtures, and two 8 footers, all of which will be converted to LED for use in the shop.
The 100 amp service box I'm installing (another freebie) will be in addition to the 35 amp box already in place. The main service drop for the property is very close-by so the 3AWG cable and the conduit for the job shouldn't be prohibitive. The old 35 amp service will handle the lighting and the 15 amp outlets. The 100 amp service will run the compressor, the welders, and the 20 amp outlets.
Once again, thanks for the comments!