"MachIVshooter" depicts a "superb", well thought through, shop layout for utilizing the area satisfying his needs. My lathe and mill are up against walls, so is my main work bench. Only thing in the middle of the space between my lathe and
"knee-mill" on opposite walls, is a separate utility bench served for the mill and lathe as needed from either side.
I don't think there's one universal layout that everyone can or maybe wants to live with. Twenty-six years ago, when we moved home and shop 360 miles northwest, I had a Cleary Building 24 X 36 put up for my shop. As
"beag_nut" excellently suggests, if you are planning on doing work on wood stocks, or any other woodworking, it's a very good idea to contain the dust involved however you can. I use a dust collector for my gunstock and grip making area at the opposite end of the metal working area with two assembly (work) benches in between that are accessible all around with a vise or two, on each bench. Sometimes I have several jobs going at the same time.
I have a whole bunch of wall cupboards that hold tooling above my lathe and mill, and my main bench to hold fixtures and tooling for both machines, so every available wall space has a cupboard serving a specific need for milling collets, milling table vises along with parallels, angle plates and indexing fixtures, like this fixture I made for working on Ruger 10/22 receivers:
Same cupboard set-up above and behind my lathe, which contains drills, face-plates and drill chucks and centers for the tail stock along with various cutting tools for the cross-slide.
And don't forget to provide as many "lumens" of light that you can above both of those machines. Seems when I open my shop and turn on the lights the needle on my electricity meter does "orgasmic" spinning, so when not in immediate use, it's good to be able to shut lights off individually.
All in all, you've gotten several good ideas here, but still, I'd recommend that before you start, doodle with pencil and paper as to how you can make your chosen area as convenient as you can for your needs. After the first draft, put it down and look at it tomorrow to see if any changes are necessary, at least until you feel, "That's it, this layout makes me smile"