You asked for suggestions, so here you go:
1. Make a ceiling mount for your ladder. There's a thread floating around regarding ceiling storage that contains some good ideas for over-head ladder storage, basically involves threaded pipe and pvc so that the ladder sits above the garage door, against the ceiling.
2. Close up the over-head shelf above the workbench so that it's a soffit-style of storage. Cleaner look/hides the clutter.
3. This might be a stretch, but what if you added a switched electrical outlet in the soffit storage area (mentioned in #2) and kept your pancake compressor up there? Plumb a drain line down to main-level and plumb air lines tucked up in the corner of the wall/ceiling to a ceiling-hung retractable air hose towards the middle of the garage. This eliminates the pancake compressor from resting on your floor and the soffit storage would insulate the noise of the compressor. Use quick-connect fittings so that you can quickly/easily disconnect the compressor up there for mobility if you want to take it with you for a project elsewhere.
4. I noticed there is dead-space below the man-door next to your workbench. You could build a wooden step with hidden storage in place of that. Paint it the same color as your workbench and keep the step flush with it for a seamless transition.
5. Ditch the hanging fluorescents above the workbench and install recessed lighting instead. Could do the same for that shelf above your folding wall-mounted workbench.
Thank you for taking the time to give me these suggestions, they are much appreciated! Here are my responses:
1. Storing the ladder on the ceiling is something I've thought about - problem is it would have to be above the garage door, which isn't a huge deal except for I would have to close the garage door to access the ladder. However I will check out the thread you mentioned
2. As mentioned earlier in the thread, I plan on redoing the overhead storage sometime in the future
3. I have thought about mounting the compressor somewhere off the floor. In the overhead storage area, I would have problems with vibration when the compressor is on.
4. Great idea, I'll look into that
5. Once I redo the overhead storage shelf, I'll probably switch the lighting too. Recessed is something that I would consider. I can't do it over the folding bench however because I have a flat roof on the garage.