I had 1x4" baseboards in my shop, I sealed it, painted it and caulked it to the floor and wall. It was ok but the ledge it formed collected a lot of dust and debris. Pretty easy to freshen up with a little bit of paint. All my shop equipment is on casters and I tended to bang into it.
I've used the vinyl commercial baseboard too. It would have been good except I chose a lighter color that didn't look that great after I'd run the mop up against it a few times. If I'd followed DGersic's advice and bought black it would have been fine.
For the last iteration of my shop, I bought some epoxy putty and put about 1" fillet between the floor and the wall then went about four inches up the wall with the epoxy floor paint when I did the floor