Thank you all for the great suggestions. My plan is to have my sewing table under the window (I will be in the basement), facing out into the room. I watch TV while sewing, so that will be on the other side of the room. I have two Ikea wardrobe, one double and one single, that I would like to put some of my fabric in, mostly the larger cuts. It is all in large and small totes at the moment, sorted by colour, batiks, Christmas, flannel, etc. The small bins, I mostly try to use for projects. The existing shelving will be used for the books and magazines I am keeping. I also have a large ironing board (2 feet by 4 feet), and plan to purchase a base unit of drawers for it to sit on. My cutting table is also quite large (will have to measure it), and is adjustable for height.
I really like the idea of cutting out the sizes and shapes of what I have and playing with it. Great tip!