I am going to throw a bunch of ideas out for you:
My sewing room has the coated wire shelves in a large closet that I have my stash stacked on. I really like this because the fabrics get air, but aren't exposed to light, so they won't mildew or fade. These are the typical closet organizer shelves, and they work well IF your space is not going to be exposed a lot of dust and humidity, because the coated wire racks are a pain to clean off. They are nice because there are areas for hanging clothes so that when I have many yards of fabric (uncut) it can go on a hanger in there too.
Bookshelves or a wall of cubes/cubby holes will work if you have a spot out of the sunlight.
If you are going to use plastic storage boxes or drawers, I suggest you hoard the little silicon gel packs that are in with new shoes and purses, and put them in the closed plastic containers.
Lastly, you could get an armoire and keep your stash in the drawers and shelves those provide. Armoires are good since they keep light off your fabrics, and still allow air to circulate. You can get some ready to assemble from IKEA or other furniture stores in case you can't fit a premade one down into the basement.
I think the peg board is a great idea for hanging the tools, by the way!