Adding functionality to my Mopar/Jeep shop

Sounds like you have a good plan/start. I'd probably put two air hose reels and two electrical reels in to make better use of the resources you have. I picked my (2) 50' air reels up for $60/ea at harbor freight and have found them to be invaluable. I'd also put a decent water separator/filter inline for any painting you may do in the future.

As far as lifts are concerned, I put this one in for around $1500 total http://naautoequipment.com/tp9kaf.html It works great for low ceiling applications. The only problem I had with it is that it lowered really slow at first and I had to change out the lung valve (customer service was great and sent me a new one). It's still a hair slower lowering than I'd like, but overall I'm happy.

Lastly, I'd invest in a nice workbench and a good vice.