this will sound stupid to some who are way analytical, but the question asked is about feelings, not a specific complaint of access to any one tool. Feel is right brain stuff and why the interior decorator decorates the house and not the accountant. The easiest way to redo your garage is invite a friend over who is good at interior design, and ask them the same question you asked us, then go think about the suggestions and implement the ones you liked.
What I feel when looking at the picture is clutter, and congestion - even though it is a clean workspace.
Consider:
paint the walls one background color. This gets rid of all the visual boxes the studs are creating. Be careful with color because dust will settle on them.
Put the mill in the corner at a 45 where the compressor is
Lathe a little to the left, maybe get a cover for it unless you use it each day. Might be able to find a wall color that makes it pop better
Drill and band saw are ok where they are but even the spacing out a little after moving the end mill
Maybe flip the tools and workbench, paint the workbench wood to maybe black. Right now I feel seasick with things going up and down in height. Try to clump things the same height together as best you can or descending / ascending but not as bad a row of little russian dolls. You know the drill from taking photos - big guys at the back, shorter folks at the front etc..
compressor will have to go where it will fit, is there room to the right of where the tools are now? You might be able to bring the mill far enough forward to put the compressor safely behind it.
Can you make a small area or screen divider that is half walled off to put some of the clutter like jacks behind it?
When done find a way to dress wires as best as possible
Use the golden ratio where ever you can when you hang posters etc., or place something in an open area. The difference in a couple feet can make a huge difference in "feel." Basically divide the space into eights, the use 3/8th the area and 5/8the the area to the centerline of the device, painting whatever.