My workbench is made from 2x12 construction lumber. There is no evidence of cupping, and its not new - the previous owner of our first house left it behind, so I've had it for 50 years, and I suspect its 60-70 years old, and perhaps even older.
The problem with 2x12s is that they are so expensive. Making the bench from narrower lumber would cost a lot less.
I agree that cupping might be a concern with 1-by lumber or with green timber.
I made my lathe bench from 2x6 construction lumber. I wanted a solid surface, so I ripped about 1/4" off each side to eliminate the factory roundover, and then edge-glued the boards using biscuits to create a solid top.
4x4 legs would be more than adequate. I agree with Paul that for a 4x8' bench you will want six legs, but you might be able to get away with 2x4 legs in the middle and 4x4s on the corner. I would put an apron around the top, probably 2x4s. It would less expensive, to glue 2x4's together to make the 4x4 legs, and that would be easier since you could cut the 2x4s to the lengths necessary to leave a mortise for the aprons rather than having to actually cut mortises in 4x4 timbers. I think 18" spacing might be a bit of overkill for cross bracing - 24" might be more than sufficient. And I would probably include at least one shelf, and maybe two. The shelf could be made from either 1x lumber or even inexpensive sheet stock such as OSB.
You didn't talk about your shop. If the shop has a concrete flood slab that is poured on grade, you might want to worry a little about moisture penetrating through the concrete and wicking into the bottom of the legs. Using pressure-treated timber for the legs would avoid that problem, but a much cheaper fix would be to use ordinary construction pine, but make them about 1" shorter than called for in your plan, and then adding a 1" thick 'foot' made from water resistant material. You could probably find some scraps of composite decking (ie, Trex) that would be ideal for that purpose. Composites don't have much tensile strength, and construction pine would be a better choice to make the legs, but it does have excellent strength in compression and would be fine if its used only as a foot at the bottom of each leg. You could attach the decking material to the end of the 4x4 legs using polyurethane glue, and if you want a stronger joint, you could reinforce it using dowels turned from scraps of the same decking material.