Obviously this is a topic near and dear to alot of our hearts! such a shame that so many of us wait till everything else is done to make our dream a reality. Congrats on taking it in hand now.
I am on a redo at present having out grown the area that I had. My new area isn't any larger in wall space but has a bit more floor area. It is however unfinished so now have that to deal with.
Here are a few ideas that have made it to the new room;
I love my peg board. Have used one for 25 years. Thanks for the painting suggestion. That will perk it up. I have everthing from ribbon to needles hanging from it.
I decreased the size of the cutting table to fit but have a basket to halod fabric on the end.
My thread is also on the wall. Only way to go!
Am working on new tables for the machines but like you have planned a trip to IKEA. If they don't advertise in THREADS they are missing out on a big market!
I will anxiously watch this blog. Thanks to all for the hints.