kick ass! Well you have several things in your favor. Having built two 5000+ sq ft shops, Ill give you some advice.
Good news, there is no drywall, so you can run new electrical outlets any where and everywhere.
First big mistake for garages, dont skimp on electrical outlets. Put one every 3 to 4 feet, and make sure they are 20 amp service outlets. Gang only 2 to 4 outlets per breaker. Im assuming your putting in a new service panel. Get at least a 100A service from the house and put in a dedicated breaker box. A kill switch prior to the breaker box is handy to have as well.
Run a dedicated line to your compressor. Also, run 3 more 220V lines to each of the three walls. It really sucks if you have a 220V machine and cant get it close enough to work on the project. Or get a really big extension cord for that.
WHEN you insulate, and if you can afford it, put up 5/8" drywall. This adds a level of sound insulation for when you create the dungeon for the nights you get freaky...
On the pegboard, dont get the crappy pressed hard board. Lowes has this white plastic pegboard in 2x4 sections, this stuff rocks. Goto Home Depot for the mounting hardware, they have these trick spacers for mounting the stuff.
For super nice shelving, goto Sams Club and buy the Gorilla Rack shelving. This stuff is easy to assemble and hard core. If you want to carry spare motors and stuff, they offer a 24x70x70 industrial type shelving.
For the compressed air, I just noticed Lowes carries 600 psi rated PVC piping, im gonna install this in my shop and see how it works out, at $2ish a 10' section you'd be hard to beat that for running hard air lines around the garage from your compressor.
On the floor, good luck, couldnt you just pour a 3"-4" slab directly over the asphalt?
As for the ceiling...id say do a suspended one, its not the cheapest, but you can put in drop in lights virtually anywhere and put blow insulation above that. Or you can drywall it as well, thats definately cheap, but lots of work.
Damn, youve got a lot of work ahead of you man, but CONGRATS!!! its yours to do what ever you want.
