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You definately want to get some batt insulation (pink owens corning) in between those joists to keep the "bought air" inside the living space. You may want to hang some peg board over the new drywall to give you a wall of storage possabilities, or possible get some salvaged kitchen cabinets for a more permanent solution. If the floor is decent, I would lay down checkerboard tiles (alternating black/white). For lighting you need some T5 or T8 florescent fixtures over whgere you plan on working, and plenty of outlets (1 or 2 on each wall). I like the idea of having a retractable coiled air hose on a reel mounted on the wall, and right beside it have an electric cord retractable reel. Those bicycles can be hung upside down at the front of the garage on mountable hangers also.
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