So here is my initial plan for the various carts I hope to build. The workbench would be 32" deep and 64" wide and I would build two 32"x32" cabinets under the table.  Each of the other cabinets would only be 26" deep to account for the bulge in the wall near the furnace and would vary in width from 20" to 26" as needed to fit the corresponding machine.  I would perch the bench grinder on the back of whatever cart I put under the drill press.  This sticks a bit past the edge of the furnace, but there is a lot of space between the furnace and washing machine so I think it won't be a big deal if it sticks out a bit and it will help me get more useful storage out of the arrangement.

In the future, if I decide to get a small table saw, I could build it into my bench at the sacrifice of a bit of storage.  I can't think of any other tools I would be adding to the shop, so that should be enough storage for me.  Coupled with the new shelves above I should be able to fit a lot of stuff into this small space.

I need to work out where in all of this to fit the shop vac and the air compressor.  I would like the compressor to be placed in a compartment with a door that closes, but I wan the shop vac to roll out easily.  Both will eat up a lot of space, but that can't be avoided unless I want to downsize to a much smaller shop vac.

I'm hoping to find time in the next couple of days to go out and pick up supplies for the shelves.  I think 5 2x3's and a single sheet of 1/2" plywood should be enough to put them together.  I need to work out just how to hang the front supports from the rafters. They run parallel to the longer shelf and I'm not sure if they will line up properly to the edge of the shelf.  Some time with a stud finder and a ladder should sort that out.