To keep your voltage drop to 3% or less as recommended (but not required) by the NEC, using aluminum wire:
3/0: 60 amp maximum current draw
4/0: 75 A
250 mcm: 89 A
300 mcm: 107 A
350 mcm: 125 A
400 mcm: 143 A
500 mcm: 178 A
250 mcm wire is the smallest allowed for a 200 amp service entering in conduit for an outbuilding unless the meter disconnect or main breaker is smaller than 200 A. You would need a 150 for the 3/0 or 4/0. You can use smaller wires in free air than in conduit per code, but your issue is the wire with enough amperage capacity already has a lot of voltage drop. Making them smaller would only make the problem worse.
The irrigation pump will use a constant 40-45 A when it runs unless the motor is grossly oversized for the pump. An air compressor on a 30 A circuit will draw 25 A or less and is an intermittent load, and the welder is a very intermittent load, and many are reported to draw only 20-30 A.
I would strongly reconsider putting the irrigation pump on the outbuilding service as it draws a lot of power. If that is gone, you should be fine running 250 mcm wire as that lets you draw 89 amps and not have too much voltage drop. 90 A is a very often used outbuilding service size here. If you want to run the pump off this panel, I would run 350 mcm wire to give some extra capacity.