So food for thought..
since you're changing the meter this is what I would suggest.
Put in a 400 amp can, then put in a 400 amp transfer switch for a generator, this give you two disconnects rated 200 amps each, then you have a legal disconnect, and a double feed that allows you to service things and looks like this
View attachment 8550236
as far as the panel, code says you have to have a a ground rod system at your garage, and you will need to 4 wire the two panels, depending on the AHJ or your inspector, either way it's a good thing to do for safety. beyond that, type 1 surge protection, and the automatic transfer switch will act as a legal disconnection means and the added bonus is you can run anything off of a generator, just drop a 50 amp inlet out of the bottom and BOOM, bobs, your uncle.
then trench in your 2" pipe to your shed and bring it up into the back of a panel, I would do a 42 space QO panel with a 200 amp main, drive 3 ground rods, or if you haven't poured the concrete yet do a UFER ground system which is the best you can get, just do it properly with a 5/8'ths rebar if you can swing it, makes for a safe and reliable system especially if you do any HF welding.(TIG) then start wiring, I'd use MC and deep junction boxes with #12 stranded wire, except for the compressors, and welders etc, then run #4 THHN or xhhw etc. something 90C rated.
that will serve you for life, and the auto transfer is a symphony, work good last long time.
as for the rest, details, if you don't know, hire someone that does, the stuff I've fixed from do it yourself YouTube educated people is straight up scary, and ranges from no grounds on pools, with overheated wire nuts, to building that fry you every time you turn a light on because who needs ground.(that hurt)
good luck and you can call if you get deep into it. as far as the power company costs, 1200 isn't bad, but for what you get and that overall cost, this setup is peanuts as well
