How is the shop for air leaks? Bay doors? Do the fans recirculate air from high ceilings down to floor?
I agree that heat pumps are more efficient than electric, but if you address heat loss instead of heat source, it's usually best. It looks like the payback for a heat pump would be at least 15 years, and that's assuming the shop has about the same heat loss as the home. If there is additional heat loss through air leakage, payback would be longer.
It's my opinion that it is always best to put money into the envelope insulation, air tightness, and windows before upgrading heating system.