In rough numbers, we're talking 3900 sq ft or so. Around here, you can get T&G or shiplap for $.85/sq/ft. Figure at a buck to accommodate for scrap, so $3900, not including any insulation, sub-framing, or whatever else you need to do before hanging the wall covering.
I would be inclined to make a smaller hang-out area, and finish that off nice. In my barn, I'm going to have a 32 x 28 x 12 dedicated work area, and a 16 x 28 x 22 great room, completely walled off, so it can function as a guest cottage, hang-out area, and large 'living room' if we ever have a gathering too big for the house. The shop will be painted OSB, maybe with a metal 4' wainscot, and white metal ceiling. The separate great room will have a weathered tin ceiling (22' high) with T&G pine walls, and some massive faux beams.
My shop is too messy and dirty as a hang-out, except buddies who are helping on whatever project, and couldn't care less what's on the walls.