I haven't priced it out for myself lately, but...
For the walls, you might price out foam panels to nail to the existing purlins, followed with osb.
I think this is the most cost effective way to go. You already have the purlins in place, so there is no need to buy any more lumber for your walls. 3/4 inch foam is $12 a 4x8 sheet at Lowes or Home Depot. 2inch is quite a bit more, but with allot better R factor. Nail the foam up and then covering with OSB will give you everything you want in one quick and easy step.
As for your vent in the peak, this might cause some problems as it is. From what I understand, you have just a cap over your peak and the ridges of the roof are creating the vent space. This is fine for an open roof as it allows air movement out of the building, and if any water comes through during a storm, there's no damage because it goes straight to the floor.
Installing a ceiling will change this. Water that comes in from a storm will destroy the insulation and eventually rot out your trusses. You can either seal off those gaps with rubber foam designed for this, install a ridge cap that does not have the air gaps, or come up with something on your own.
Then either install a new peak vent that is water tight, or gable vents at both ends. Venting is very important and needs to be done before you get too far into putting in the ceiling.
As for the ceiling, I wonder if you could just put the foam panels up onto the purlins already in place? I hadn't thought of it in my own shop, but after reading Bungee's suggestion and agreeing with him on using it for your walls, why couldn't you do the same with the ceiling? I'd probably use screws with fender washers, but otherwise, you wouldn't need any OSB or anything else. You would still have your ceiling height and the ease of running anything across your rafters in the future if you needed to. If you put in a ceiling and insulated it with blown insulation, or even rolled fiberglass, it would be very awkward and difficult to add wiring across the shop if you decided you needed it in the future. With foam panels, you could do this easily any time you wanted.
The more I think about it, the more I like that idea. I'm gonna do some checking on this, as it has allot of merit.
Thanks,
Eddie