Hi Nickt6494 Here are my suggestions to your questions.
A bit of background : I am an industrial electrical contractor that specializes in industrial ventilation equipment. I have installed and serviced many hundreds of paint booths, powder booths, dust collectors and ventilation systems over many years. I have worked with several mechanical contractors designing and installing this type of equipment in a vast array of shop types from automotive factories, bump shops, museums, to one man shops. And here is my advise to you and others that may need a ventilation system in their workshop.
First to answer your questions directly, then to provide some additional food for thought. Yes it is possible to make it work and no it's not to big if you set it up correctly. For a comparison lets take an average car paint booth. They are about 12' wide x 10' high x 16' deep, and normally come with about a 24-34” tube-axial fan and a 2-3 HP motor. A tube-axial fan is a lot more efficient that a simple wall mount ventilation fan. As you can see your shop is a lot bigger, your fan is less efficient, and your motor is smaller. Therefore your fan should be fully useable just the way it is, even though it's a bit larger. However the way you set it up and use it, can make a huge difference on how it can work for you.
Food for thought:
It is most advantageous to use the fan to supply air than to exhaust it. This is counter-intuitive to the normal way of thinking.
The many jobs I've worked on have proven this out many times over, most times to the project owners pocketbook detriment. Lets consider the paint booth example again. Any paint booth that works decent, must have an air make up unit to supply clean air to the booth for it to function as designed. Usually the fan for the air make up unit will be at least twice the HP (horsepower) size of the exhaust fan. Anything less and the booth will not function well or not at all. A booth installed without a air make up unit will try to **** air from any place it can get it. Normally this means from every crack and crevice that the building structure has, and this is exactly where most dust bunnies reside. Read as a very dirty paint job, you can get as good of a result just painting outside on a calm day. A properly engineered booth with an air make up unit will slightly pressurize the building that it is in. In this way clean air is trying to escape from every crack and crevice driving the dust bunnies away from the booth, not towards it. Read as a clean dust free paint job. Negative pressure in a building not only pulls in dirt and cold air in the winter, but also carbon monoxide fumes from every furnace and water heater burner you have, poisoning the occupants and making the burners erratic and unreliable. This is why all inspected jobs require the air make up unit, and need to be designed such that the supply fan starts before the exhaust fan.
Another analogy that I like to use is a cardboard box with a fan in it's side. Picture it in your mind's eye. If the box is closed the fan will do nothing, it spins, but it can't move any air, it can't get any air to move. It consumes very little energy because it is doing no real work. Only when you open the box does it get some air to move, and then it begins to perform some useful work. At this point it will begin to load the motor and use some current to do real work. If you need to see this in action take a regular old box fan, cover up the intake side of it. It still spins and make some turbulence in the box but no air comes out the exhaust side, the motor will change speed and the current will be lowered.
For an ideal shop setup with only one fan I recommend using the fan in reverse to pressurize the structure. Better yet is to use a reversing motor starter to be able to use it both ways for different purposes. Most wall ventilators are paired with a louvered shutter that blows open with the fan pressure and falls closed with gravity. This will not work with the fan in reverse as a supply air source. The fan will **** the shutter closed. You must install a motor to open the damper before the fan starts, or provide some manual linkage to do it yourself. The ideal situation is to install the fan as high as possible and as far away as possible from your overhead doors to get a good cross-flow of clean air.
In regards to the size of the fan and amount of air it provides, this can be adjusted by changing the pulley and belt sizes. And also by how much you open your door or window to provide the escape path.
Leaving the motor pulley the same and enlarging the fan pulley will increase the ratio and slow down the fan. Closing the door won't slow the fan but will limit the volume that it can move and increase pressure within the building, also decreasing the motor amp draw. If you really want to get **** use a variable speed drive on the motor and then you could adjust electrically whatever volume you wanted. Personally for shop use ,I don't think you could ever likely have too much fresh clean air. But remember used as an exhaust fan it will pull air into the structure likely from grade level where most dust bunnies reside, and definitely where your truck with wet paint will be camping out.
I have used this setup in my two shops for 20 years with great results. Here is how I use it. My repair/fabrication bench is located directly below the fan. When I am welding or burning something I run in exhaust mode, the smoke naturally rises and immediately gets sucked out because of close proximity to the fans low pressure area. When running a vehicle inside, painting or sanding I put the work near any overhead door and run in supply mode. I only crack the overhead door a few inches, this restricted flow keeps the pressure and velocity (speed) high. Any dust or mist that is airborne will be racing for the exit before it hits the floor. If there is any that settles to the floor a quick hit with a blow gun will get it airborne again and heading for the exit. Same goes for fumes, paint solvents are heavier than air and are on the floor, so they are naturally already at the exit point, ready to be pushed out as soon as they get near floor level. If you were running in exhaust mode you would be fighting mother nature trying to pull heavier than air fumes up to the top of the building. It's best not to fight mother nature, somehow she usually wins.