How much do you want to spend?
Don't use undersized wire if you use extension cords. Power tool manuals generally have good recommendations for extension cord wire size. Look at the manual for the tool that pulls the most amps and use those recommendations.
I don't like running extension cords for shop wiring. To easy to undersize the cord and you're tripping over it or running hooks to get it off the ground, and such. I have an extension cord that is 10 AWG and has four outlets all four feet apart that I mounted on the wall behind my bench - that worked OK.
Power strips are less in the way, generally have to be closer to your outlets. Get one that has hefty wire within cord distance of your work spaces.
If you have any leftover slots in your subpanel, and it's in the garage, you can always run additional circuits. I did that in my garage once. It costs a fair amount more than cords and power strips, but it was much less intrusive, and I was able to put stuff exactly where it was needed. I ran conduit on the walls, so it wasn't pretty. If the inspectors let you do the work yourself and you don't have the experience, make sure to run it by an electrician first.
The most expensive option is to set up a shop sub-panel off your main sub-panel, but that's only marginally more expensive than the above option, and gives you plenty of future with 220V tools if you're so inclined. I learned electrical by starting out with minor repairs and graduating to small circuits off of my subpanel. I still let the electricians set up the subpanels, but I did nearly all of the wiring in my current basement shop.
Think about ways that cordless tools could eliminate having to run wires. I'm set for electrical outlets now, but I still prefer to use a cordless tool all other things being equal.