We e-bikers have the huge advantage of already having a large battery and what a DIY lamp may lack in sophistication can be made up for by brute force.
The same LED's (or luxeons) as used in good quality lamps are readily available to the DIYer , the difference being that the comercial products use special optics to concentrate the beam and increase the luminous flux (lumens). Suitable lenses are available and could be used but a simpler approach is simply to use a very large number of LEDs, you'd probably need a couple of hundered or more to get anywhere near 500 lumens but as each LED can be as small as 3mm dia it is perfectly practical, just needing nimble fingers and patience to assemble.
The other difficulty is a suitable housing, one approach being to buy a cheap bike lamp and discard the contents. My LEDs are built into the dynamo type lamp fitted as standard, although I used 34 there is room for many more.
PS Just seen your edit John. 16' x 8' is some shed, even with a couple of bikes and other stuff it's still leaves ample space for a workshop area.
LED's are available cheaply in bulk on ebay, and while some Far Eastern suppliers quote unrealistic light outputs there products are generally OK.