Trav - you hit the nail on the head in that I'll be installing a some type of fire suppression system. Right now my problem is water volume and pressure (I'm on a well), so I'm kicking around different ideas re a gaseous type of system (also won't damage the equipment). Still have a ways to go here though.
Scott,
Be very careful with chemical suppressants. Halon is used in big computer facilities because it will very quickly snuff an electrical fire with no damage to unburned equipment.:gar-Bi However, you typically only have 30 seconds to get out of the room if you want to live...:no:
On another note, I would strongly suggest having several (at least two on each short wall and three to four on the long walls) EPO (Emergency Power Off) buttons.:widea: These amount to manual breakers on the main power line to the shop. Bang one in an emergency and all power is cut instantly. Depending on the design of the system you could even tie it into motor breaks to stop the motors from spinning sooner... You might want to exempt lights and blowers from the EPO.
Chris