I really wanted to use a Murphy bed -- that was my first idea, but the cost of even a basic set-up was above what I wanted to spend right now -- maybe someday.
I've been thinking of making one side of the door a large padded ironing surface, and keeping the other plain for cutting. I actually have a nice big design wall (80" square) on the wall. When guests come, we use flannel letters to spell out a welcome message, and I might stick a few work in progress decorative blocks up as wall art. I used the high density foam insulation panels from the hardware store, covered with a very thin batting and a white flannel in the widest width I could find, all wrapped around to the back and hot glued. On my "maybe someday" list I plan to frame it with some wood molding to make it look a little more finished and tied in with the room.