This, if you can......
DON'T put the compressor in the shop! Your ears will thank you, believe me!
and everything Ferox said.........
At my next place I want to put in a bump out to house an air compressor, bag-house dust collector with overhead movable snorkel in the work area (can also be used to vent car exhaust), and a fume hood so I can clean parts with solvent and spray paint small to medium things inside during the winter with out fuming out the shop.
With the exception that I would use a dedicated exhaust fan for the exhaust and fan. Add a large oven for powder coating to the fumes too.
Build as big as you can afford, even if it means certain things will have to wait. You can always upgrade the bells and whistles later. No such thing as too much room. Especially if you packrat and collect all sorts of neat tools.
(thinking to self---50T press, tube bender, cnc mill, lathe, cnc plasma table, and all my wood working stuff........man I need to hit the loto)
Back in the real world.....
I keep wishing I had one of those hoists on I-beams, the ones that move sideways as well as front to back. Or maybe a gantry crane.
For a lift, you can always do like my dad did, split level with the lift "down stairs" to keep costs down for the main part. It also kinda designates that area for working on vehicles, and the up stairs for machining and other work.