The hemostatic materials are very appealing to have on hand, but they are a secondary treatment. The number 1 recommendation for stopping bleeding is A) direct pressure and B) elevation. If you cut your finger on your saw, put some absorbent material on or around the wound, squeeze directly on the cut, and raise your hand well above your heart. If it's not substantially better in 5-10 minutes and you have some hemostatic material, that would be the time for it. Or if the wound is really out of control and the pressure and elevation are not doing any good at all, you could give hemostatics a go. Though I have some hemostatic material, I've never had pressure and elevation fail, even in my former life. The different materials vary a lot in convenience, effectiveness and cost.
Every shop ought to have clean cloths or a couple mini-menstrual pads to apply to a bad wound. Beyond that our shops and locations are different, so there's not going to be a one-size-fits-all answer. If your shop is 8 feet from the bathroom, you're not going to need as much stuff as you would if the shop were 200 yards out in the back pasture. Personally, out in my detached garage, the first aid kit is a baggie of bandaids which I use a lot, a jar of eye wash, and paper towels if needed. Everything else is just inside the back door.
Dave hits on several things that we don't often talk about--splinters, things getting in the eye, and by all means, some way of hollering for help.
