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!

Pics of my sewing space...........No it is not alwawy this clean. I had just cleaned it when I ran into your post. This will be the first time I have tried to post pics to this forum........it may not work
Connie

that is not a sewing space. that is Sewing Heaven!!! :P

Everybody has given me alot of ideas. The pictures are great. Right now I basically have one end of a room in the basement. I have the pool table in that room also. It is where my teenage son and his friends hang out when they are here to watch t.v. play games and play pool. Eventually I will have the whole room. The peg board pic is exactly what I want to do but probably not from ceiling to floor. I will probable have to buy more plastic storage drawers eventually. Im actually making alot of progress but, I didn't realize how much stuff I had. I have alot of fabric that I didn't realize I had. Not that thats a bad thing. lol I will post pictures when Im done. I can't wait to finish it. It won't be quite as nice as the pics on here but eventually it will be.
Thank you for everybody's help and keep the suggestions and pics coming.
Judy in Ohio

I bought a length of countertop at Lowes and it fit perfectly on top of some ClosetMaid Wire shelving baskets. I use the space to cut small projects, draft patterns, and think a while.

I still keep my machine in it's sewing cabinet but since it's my spare bedroom, it stays neat and orderly (only when company comes! LOL)

Good luck. It feels great to be organized.

i did something similar with a hollow core door to "make" my desk. i like that countertop idea much better, though, for a sewing surface. i'll bet it's a lot smoother and fabric just glides around on it.

note to self: save your pennies and copy this idea. :P :P :P

More pics of my sewing room

Final Pic of Sewing room and two of my early quilts

ooh... I want a drop-down ironing board. Is there an electrical outlet in there?

what a wonderful workspace. it looks very handy. the quilts are lovely. good job.