It is a common practice for two circuits to share a neutral, although a lot of electricians don't like it. An interesting characteristic of this "three wire" circuit is that if the loads are balanced between the two circuits, there is less voltage drop on both circuits than there would be if they had separate neutrals.
HOWEVER, your shop outlets should be GFCI protected, and GFCIs don't like three wire circuits. For this reason, the best way to do it is to run separate hot and cold wires to the switched outlet. You'll need to break both jumpers on the outlet so both hot and cold are separated. (I'm assuming that the switched outlet won't be GFCI'd, but all the other outlets should be on a GFCI.) Even if you don't have a GFCI now, doing it this way will keep you from going nuts if you install a GFCI circuit breaker at a future date.
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Today's Featured Article - Restoration Story: Fordson Major - by Anthony West. George bought his Fordson Major from a an implement sale about 18 years ago for £200.00 (UK). There is no known history regarding its origins or what service it had done, but the following work was undertaken alone to bring it up to show standard. From the engine number, it was found that this Major was produced late 1946. It was almost complete but had various parts that would definitely need replacing.
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