Service Feed Split box
If allowed in your jurisdiction, I'd go with a class 320 service. You could power the shop and the house off the same meter base.   Both panels would be considered the "main panel" so no need for a 4 wire service.   I just did this with my sons house that I'm doing most of the wiring on.   I also have a class 320 (320 amps) to my 2 200 amp panels in my house.   It's a practical solution, depending upon the exact layout.   

Here is a link to the meter base I bought for my sons house:  https://www.amazon.com/gp/product/B008KM7LZM/ref=ppx_yo_dt_b_asin_title_o01_s00?ie=UTF8&amp;psc=1