My workshop was originally built at one end of a sectional concrete garage with shallow pitched roof. The concrete floor was screeded to avoid any water ingress at that level (the vertical wall sections were sealed only on the inside sections, so driving rain, that might access the small gaps on the outside would go out, not under and in). I didn’t add any extra insulation at that time, but would do now, if I were to start again!
150mm+ of rock-wool insulation was added and supported by old garage doors (cheap as chips), as the internal construction – both as walls and ceiling. The ceiling was covered with 150mm of rock-wool.
That sufficed until I twice extended my workshop area. I extended with insulation sheets. The walls are 100mm Celotex/Recticel (1200x2400mm). At the same time I added 25mm of Recticel to the garage door section – wish I had fitted more, but space was limited).
I sourced the equivalent of about 7 1/2 full sheets of 100mm PU insulation from a regular dispersal sale (near Kidderminster) in mostly 1200x1200mm and 1200x600mm sizes. The 100mm celotex/recticel sheets were purchased at an auction site I regularly attended. The cost of that insulation was very cost effective
The internal surfaces have been covered with variously-sourced ply sheeting. I don’t weld or plasma cut inside my workshop. No windows and a fully insulated door maintains a warm environment in winter and a cool one in summer. I am adding more insulation over the workshop as and when I can. My internal construction fell nicely just under the roof supports, with an eaves height of 8’ 6”.
For yours, I would repair the roof problems but leave the rest as is. The pitched roof, with non-asbestos corrugated sheets, is no longer available as storage for mine. Fire safety measures are likely higher for your installation, so mine might be not appropriate for yours. Thicker layers of rock-wool are likely a better choice.
Ventilation is required if dry-cutting with cutting fluid – not a difficult addition. Good luck with your installation. Mine was done on a tight budget, over a longish period of time.