Check the panel in your house. If you have extra space add a 50/60A 2P breaker and run four wires out to the shop. You will have a sub-fed panel in the shop with 220 into the main. One wire for each phase and a green ground and a white neutral. We use a 6 circuit small panel for our installations which would be perfect for your needs. You have 110 for convenience needs and 220 for a 3 hp +- compressor. Just a thought.
