OK, getting serious.
Sounds like you've built your shop out of found materials- 2x4 stud walls, steel bar joists above with 2x4 furring runners, and scavenged corrugated steel for the exterior wall sheathing. I'm also assuming your studs are still exposed on the inside. Right?
Did you use that metal on the roof too?
Sounds like a pretty good routine.
Did you by any chance put 1x4 horizontal runners on the walls before the metal, or is the metal attached directly to the studs?
You're going to want to be VERY careful with condensation. That metal sheathing will condensate on the inside when the inside is hotter than the outside. That means the moisture will be in contact with your insulation and your studs. It won't rot your insulation, but it will rot your studs, and the wet insulation will accelerate the problem, as well as rusting the metal from the inside out..
So, you need 3 things- airflow, insulation resistant to moisture, and vapor barrier, or a combination of varying degrees of each.
If you use the spray foam, you will get 1) excellent moisture resistance, 2) great thermal performance, 3) you will move the dew point (where the condensation will form) away from the metal to the inside of the insulation (that's a good thing- it will protect your metal), and 4) a VERY high price tag. Depending on how the metal is attached to the studs, you may also seal it too tight, allowing no breathing room around the studs, which could encourage them to start rotting where they are in contact with the metal (condensation).
If you use the foam panels, you will get 1) very good moisture resistance IF you carefully tape the seams, 2) crappy thermal performance, because although the R value is high PER INCH, the stuff is generally only 1/2" thick (R-3.5- that's crappy). You can use thicker stuff, but it creates other problems. 3) Again, a good vapor barrier, and 4) a relatively high price tag. You will also 5) have a foam wall surface when you are done that is really difficult to hang things on and really easy to damage and loose your thermal and vapor efficiency.
I'd use fiberglass batts. Best bang for the buck, easy to install. I would, however, install it a little different because of your circumstances. You need air flow and a little airspace next to the metal to encourage drying. You can buy styrofoam baffles (designed for insulating tight roof areas) which you can install first against the metal from top to bottom. This will give a little air channel to allow some movement from bottom to top. Or you could make baffles out of folded cardboard. Consider mildew resistant fiberglass batts (special order- a little more expensive, but probably worth it). One more detail. After installing the batts, you need a good vapor barrier on the inside. If they are kraft faced, it will work, but you should be unfolding the paper flange to cover the surface of the stud when you install the batt. Don't just staple the batts to the side of the stud- you'll have 1 1/2" breaks in your vapor barrier at every stud. If the insulation is unfaced you can cover the inside with plastic sheeting (tape the joints).
Something cool about your construction (if you used metal on the roof)- you can run a soaker hose across the ridge and "water" the roof- it will go a long way toward keeping the place cool in the summer via evaporative cooling (like a mister in an intercooler)
One more thing...I have one structural concern with the hybrid wood/metal construction you described. Before you insulate, make sure of your attachment point between the bar joists and the wood walls. There should be a bolt or a metal strap holding down the bar joists, not just a screw or a nail.
Good luck!