I too used 7/16 OSB in my detached shop. Cheap - less than $5 per 4x8 sheet. I rolled on a coat of primer and then a topcoat of the cheapest white paint I could find - did it on the ground. To put it up consider screws, as you can take a sheet down whenever you might need to (wiring etc). Since I stapled up a poly vapor barrier, I didn't bother caulking anything.
It has worked out beautifully, and the shop is nice and bright. Used it on the ceilings too (drywall lift is the way to go).
Do it; you won't regret it.
Steve