Okay, Ed, you said "dream shop" so here we go...
I know you're looking for a school type set-up, so just multiply everything by 3-5.
Hydraulic Press
Nazel 4 or 5 hammer
25 or 50 lb. hammer
coal forge
very large vertical forge
small vertical forge
long horizontal forge
small horizontal forge
130 lb. anvil
350-400 lb. anvil
myriad of hammers and tongs
wire feed welder
stick welder
TIG welder
digitally controlled high temp salt bath
low temp salt bath
cryo dewar
Oxy/Acetylene torch
Plasma cutter
Shear
Several quenching outfits...oil, water (self-heated)
Rob Frink Grinder and my Burr King
variable speed/reversible disc sander
Bridgeport (type) mill (w/ power-feed)
Large and small lathe (power-feed)
Large drill press
small drill press (x 2 or 3)
baldor buffers
oscilating spindle sander
horizontal belt sander
belt converted surface grinder (power-feed)
stone surface grinder (power-feed)
chop saw
large metal band-saw
large wood band-saw
bead-blast cabinet
HUGE propane tank
2 or 3 lay-out and welding tables
several vises
lighting lighting lighting
control over said lighting (i.e some track lighting) to be able to really control the light for demonstrating heat-treating etc.
about 5 times as many outlets as I ever think I'd need
3 phase power!
more hand-tools than you could shake a stick at
Rockwell tester
Clean rooms with lay-out tables for leather work, finishing, etc.
LOTS OF BEAUTIFUL WINDOWS and VAULTED CEILINGS
a vacuum system that could suck start a Harley
lots of angle grinders
a big fat slack tub by the forges
a huge stone grinder (old school, but I'd like one)
a paragon oven
Well, that's some to chew on. I'm sure I can come up with more, but I'm tired...forging all day can cause need for that sleep stuff.
Good luck with it Ed!
Nick