Randy,
I'm not sure if I'm the only one reading the above this way, but it seems that you are wanting to replace your double pole 50 A 240V breaker with two breakers (20 and 30). Unless you get a very specialized breaker, you can't do that in your current sub panel. You have no need for any circuit over 30 amps. Unless you are going to run your planer and table saw at the same time, you really don't NEED two 240V circuits at all.
I will say this first: Your best bet is to install a new subpanel with at least 8/16 or better yet, 12 spaces/24 circuits so you have plenty of room to properly wire everything and leave some room for expansion. You could run two 30A circuits for the 240V stuff using 10ga wire which is relatively cheap, and have plenty of capacity.
If you are strapped for cash and want to use what you have, you can FOR THE MOST PART. You need to replace the 50A DP with a 30A DP breaker, ensure the wire running off of it is 10GA throughout the circuit, and daisy chain your 3rd outlet off of the closest receptacle. Running all three at once will probably trip the breaker, as it should. You will have to add a separate ground buss, and bring in another wire to feed the panel with a proper neutral (or a heavy red wire for the second hot leg, which should have been done the first time.)
Either way, you have some serious rewiring to do. I'm not sure you understand it completely yet, but hopefully you will soon. A GOOD electrician, standing next to you, not online, will be able to make it all make sense. I hope this makes sense, several others are basically saying the same thing. If it doesn't, don't try this yourself.
Dan