Install plywood or sheathing on the walls, it makes it easy to hang stuff. Paint the walls white, it brightens up the garage and makes it easier to see whatever you're looking for.
We're going with OSB on the inside walls painted white, great minds think alike. Don't worry kids this thing is gonna be well insulated. 2x6 24" apart and R24 in between, probably R50 in the ceiling. We might even do all the electrical on the OSB (not behind it) with that special conduit just so you don't have to cut into the vapor barrier.
Pit is a good idea, but concrete is already poured. I don't think it's worth the effort considering I do 2 oil changes a year. We may come up with a system for oil changes too, one that sucks out the oil. And another hose that puts fresh oil in after it's dry.
It all depends on what you are going to use this said "shop" for..... are you opening a repair business or just for your own personal use?
I bought my house back in 2006 and the man I got it from ran a trucking company for 40yrs. The basement has a walkway to the "shop" 40 feet away.
I have heated floors, overhead crane, full heated system and a kitchen/bathroom. It's 200'x350' though so a bit larger, but I added a wash bay as well and it sure makes it nice when you can park your truck, wash it and go into the house, all w/o leaving the 70* temp of the inside (especially when it's -35 outside)
And there is nothing better than climbing into your truck on a cold cold winter morning and not having to brush off snow and wait for her to warm up.
I'd say that it'd be nice to be able to pull in with my trailer attached and then make a u-turn and pull back out.