"Jim Weisgram" wrote:

I think it is a good plan, except you might consider getting a
subpanel with more expansion room, so that you don't have to go back
in a few years and increase the size of the subpanel.

Lowest cost solution is to install a 125 MLO(Main lug only) 12/24
(12-1" or 24-1/2") panel with a 2P-60A main CB kit, a 2P-50A branch
breaker for the dryer and a 2P-30A breaker for the T/S.

Feed the new sub panel from the existing 2P-50A branch
breaker(existing dryer circuit) and move the dryer wiring to the sub
panel.

Buy what ever brand of equipment that is popular in your area.

A 12/24 panel will provide all the shop capacity you will need for a
typical home shop including an additional 2P-50A for a 5HP air
compressor if you need one.

The above based on many years in the electrical business designing
electrical distribution systems and selling the above equipment.

YMMV.

Lew