John T is absolutely right except for one thing. Per the 2011 NEC, sharing a neutral is no longer permitted unless both "hot" legs are on a 2 pole breaker (or 3 pole in a 3 phase system). This is a change from prior years.
As a journeyman electrician, I agree with everything else John T advises, especially the part about seeking the help of a professional. I am not saying you are not competent or capable, just that this is the type of situation that can very easily become a shock or fire hazard if not properly installed.
A much easier suggestion might be to add a new switch near the existing one(s) and use it to control one or more outlets throughout the shop.
And yes, if you lose a neutral on a shared cricuit, you can put 240v across everything in the circuit.
Good Luck!
Jess
This post was edited by Samuels68 at 19:52:28 01/14/13.
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