If your only 120v circuit is connected to both your garage lighting and your
bedroom then you have to do something.
Putting in a 60a subpanel will certainly solve all your needs and provide
for any conceivable future plans. The hard part is running the cable; it is
thick and doesn't want to bend. I don't know if any electrician would be
willing to simply make connections on your wiring, but if he is, it couldn't
take more than an hour or two. Properly speaking, you probably should get
it, and any branch circuits, inspected, but I don't know how many electrians
would bother with it.
But I think that is overkill. Your existing 240v circuit will power your
DC, TS (when changed to 240v), planer, jointer, and compressor; as long as
you don't use more than 2 at a time. If the existing outlet is at the far
side of the garage, then cut the cable and run it to a new outlet or four
where you want it, and then run a cable from the new outlet to the existing
outlet. Unless you have a finished garage, that should be pretty simple.
Your observation that the breaker only blew when you were cutting a big
piece is because the motor only take a fraction of its maximum unless it is
straining. That is why I say you can probably run 3 tool at once if you
wanted, as long as they were not all straining at the same time.
240v suffers less from voltage drop than 120v, so a long run isn't as bad as
it would be on 120v; plus, two tools aren't likely to surge at the same
time, so surge voltage drop is less of a problem.
I have my 2hp TS and my 1.5hp DC on a 20a circuit and they purr like
Leave the lighting on the old 120v circuit. Run a new 20a 120v circuit to a
few new outlets for small tools. If you think you need more than that, then
run a 120v multiwire circuit. It is not much more work or expense, but
gives you twice the power. One thing you will have to think about is GFCI
protections. That is required for all 120v outlets in a garage except for
outlets used for things that cannot be readily moved such as a table saw, or
for outlets that are out of easy reach, such as those for garage door
If you really want a subpanel, then go for it; but unless I am seriously
misunderstanding something, it is not necessary.