I have lived in Carteret County (Morehead City, Newport, Beaufort, etc.) since 1980. We built our house with a detached 600 sq. ft. shop in 1985, and I added an additional 600 sq. ft. in 2008. Lowell's recommendation regarding checking the current flood zone maps is good one. I think it is important to keep in mind that flooding is not the only issue. We have never had any flooding at our house, even last year with Hurricane Florence. However, we have had wind driven rain damage, although never serious to the point that we had to move out of the house. Flood insurance is relatively reasonable as far as cost is concerned, but wind and hail insurance is quite expensive, but absolutely necessary. Your standard homeowner's insurance covers very little, if anything, related to storm damage.
I would suggest several things. If you are in a flood zone, or even close to a flood zone, you need to have flood insurance. If you have a mortgage, this will be required. That being said, flood insurance alone will not cover the cost of replacement for all equipment, tools, etc. You may want to consider additional insurance. Elevating the shop above flood level may not really be practical for a number of reasons. Raising the equipment several inches above grade or floor level would also be impractical from the standpoint of effective use, and I doubt that it would afford a reasonable level of protection anyway. You do need to carefully consider and plan to make the building as windproof as possible. I would exceed code requirements in this regard. A hip roof with a very securely fastened metal roof is the most effective. The roof itself needs to be secured from the top plate all the way to the foundation, and there are systems available to accomplish this. Do you research, as having the roof blow off in high winds would be catastrophic. That being said, there is almost no way to prepare for a storm like Dorian with 185 mph winds when it hit the Bahamas. Everything goes with those kinds of wind speeds.
As far as air conditioning, heating, etc. I would echo the recommendation to go with a mini split system if you want to have a comfortable conditioned space year round. These were not available when I built my shop, but if I were starting from scratch right now, that is what I would do. I use space heaters in the winter when it is really cold, but actually don't have to do this often. I use a window mounted air conditioner in the summer when it is really hot, but again, most of the time I do without. Yes, one needs to pay attention to exposed steel or cast iron surfaces of hand tools and machinery, but a bit of preventive maintenance is sufficient. I am not obsessive about it, but I clean and wax my table saw, jointer, planer, etc. 3 or 4 times per year. It only takes a few minutes. Similarly, I clean and protect planes, chisels, etc. while I use them. Unless you are living right on the beach, the rust problem is manageable without having to condition the space 24/7.
This is just a brief summary of a complicated subject. There are many ways to approach the problems, and no single solution exists. Do your research, and talk to as many people as you can, preferably those who have lived in the area for a long time. I hope this helps some.
Cheers and welcome to coastal NC,
Matt