If you want a "real" workshop with like power tools and saws and stuff then Plan 3 is probably the best cause those things eat space quickly and you need room to move around a shop area.
Plan 3 has plenty of room for the "Rec Room" depending on how you define it and our preference was a multi-purpose fun room that includes a "Theater" component. Dedicated theater rooms are only for folk to sit in the dark quietly while staring at a wall screen
and that is not us - is it you?
Our space is 17ft. X 24ft and it is a bar/game room and theater. It retains an open "feel" while having space for seven pinball machines, stand up, coin-op darts, foosball and a 1950s BIG baseball arcade game. There is still room for a nice oak bar and six large and comfy bar chairs.
How it Works - When the lights are out (or very dim) it is a theater. The projector is shelf mounted over the bar projecting/throwing across the 17ft room width yeilding us a 120in diagonal image which, to us, gives us the "at the movies" experience we wanted.
With more ambient light the PJ/screen works good for a Sports Bar big screen sports experience - even with some of the pinball games lit up.
When not in theater mode we have a small (19in) bar top HD flat screen for when all the pins and neons and decorations and etc are all lit up and we are in full party mode.
The above is what we wanted and, to us, it is about perfect for a multi-purpose fun or "rec room" space.
Now you guys decide what will be your perfect "rec room". Having a theater component is easy and it takes very little space if done right.
Best of Luck