Wow. Huge space!! Tart by decluttering. Removing the wall cladding. And paint. I would restain the ceiling if you can. It’s very glossy. After that we can start putting it back together. Inspiration:

This is a man’s perspective: it would be criminal to paint nice stained wood like that. Paint will flake, chip, etc over time.

I would update cabinets, reorganize the workspace. Maybe add a wall to close off the water heater and furnace, but then you lose some space.

You have room for multiple laundry carts. I wish we had that much space!