First, when upgrading the panels one is suppose to match it with the equivalent upgrade in the service entrance cable coming in from the street transformer. Just upgrading the panel alone isn't going to buy you anything other than the potential danger for electrical fire. When I finished my basement and added a sub-panel to it that was the design to overcome my lack of fore knowledge and planning. I should have upgraded the service entrance cable and main panel and breaker the day I bought the house and claimed that the reason was to run some commercial woodworking equipment in the unfinished basement. That is a legit reason. Getting the main power turned off for the electrical upgrade isn't the obstacle, but the electrical provider where I am at wants to know the reason for the off/on flipping, because if it is for finishing a basement the county wants to know--and tax accordingly.
But, by giving the reason of using high-electrical needs equipment for your woodworking hobby is more than enough reason to get it upgraded, and then do what you want afterwards. And one better check what material is being used on that service entrance cable, because if it is like mine (Aluminum) than the risks are higher as Aluminum has a lower melting point.