Before you do anything, you have to figure out your power requirements because the best your going to be able to do is a 20 Amp 240 volt 4-wire circuit.
So you could have two 20A 120 V circuits, but the 240 V would be shared. So if you were using 5A at 240, you would only have two circuits at 15 A available.
The other thing to remember is that everything could die if the fuse blew. So you could be left in the dark if your lights were on the same circuit.
Sub panels are no big deal You just have to keep the neutrals separate at the sub-panel.
You can also, if you want, use a main breaker panel rated for the same or LARGER than the sub-panel feeder breaker. This main breaker at the sub-panel can then be used as a disconnect. You have to remove the neutral/ground bonding jumper in that sub-panel though.
I think there is good reason to keep the lighting on a totally separate circuit and not in the sub-panel.
You could, if you wanted, put all of "the shack" on a contactor and even use a mushroom switch that would kill power in the entire shack. When I was in high school, that was the system we had. All of the machines were on a contactor/key system. A key was required to arm and the button was used for anybody to dis-arm.
At work it was decided that the panel for the shop, should be in the shop and that was a good idea.
My home bench as four duplex outlets along the front side of the bench that are separately switched plus a light. Then there are outlets (wiremold) that are live all the time. Any serviced equipment gets plugged into an isolated variac.
One upgrade which would be useful is some drop cords with one having a reel. The serviced equipment would probably be run from a drop. A power on indicator would have been really useful for the isolated variac and so would 120/240 capability. Light bulbs and an electronic circuit breaker would round out the system.