Before you do anything, paint all the walls white. Cheap semi-gloss latex is OK, just get the color on before you start getting things in the way.
Then you should have at least 8 feet wide of 1 foot deep shelves. One foot is deep eough for 5 gal pails, milk carriers, etc but no so deep that things get lost behind other things.
I like to use simple 2x4's nailed horizonal to the wall with 18 inch spacing and the a ladder style front of verticals and matching horizonals. One foot wide by 1/2 plywood for the shelves.
Again, paint all the wood white the night before you plan to build. It is a lot easier to paint sticks then to get into all the nooks and corners after you build. A fan will help make sure everything is dry in the AM.
I like wood because it is so easy to put a nail in for a quick hook, or screw one of those "J hooks" to for something more permenet. I have trouble lights, air hoses, extention cords, etc hanging on all my virticals.
Do not put your verticals all the way to the celing. Having the top shelf free of them gives you a place to put long, rarely used stuff. (Skis, boat masts, etc)
All my floor style power tools are on swilving casters so I can get them out of the way when I am not useing them. (Lathe, table saw, grinding wheels, even the snowblower is on a little pallet with casters.)This means my bottom shelf is 4 feet off the floor so I have room to shove the tools up against the wall.