Should I run outlet circuits through the studs or up and along the top plates?
I prefer the &quot;up and over&quot; method rather than drilling thru the studs, esp. since you don't intend to finish the walls.   Not sure what code says about that.  I believe that exposed cable below a certain height needs to be protected (8 feet?) So that would mean running the cable in conduit for the 4-5' from the outlet to near the top plate.
When I built my shop, I used surface mounted Wiremold 4000.  But because my shop is partially earth sheltered, I have very high (4.5') stem walls.  I went with the raceway because shops are often &quot;evolving&quot; with new tools, changed layouts, evolving requirements, etc. Conduit would be less forgiving.  So now when electrical needs change, all I do is pop off the covers and run whatever wiring is needed to the sub-panel, install the appropriate outlet and pop the covers back on.   This may be over-kill for your needs, but wanted to let you know what I did.   Also attached is a pic of the actually installation in my shop (wood-working oriented).
Some other advice:  What are you planning on using your shop for? I spent hours laying mine out thinking about workflow, staging, benches, storage for small tools, etc.  I have 2 basic work areas in my shop:  1) basic milling where I have the table saw, jointer and planer in one area, and 2) A free standing heavy duty bench for more detailed work like dove-tailing, sanding, gluing, routing, etc.   I know this answer goes way beyond what you were asking, but I just wanted to share.  Have fun setting up your shop.