It's a great space you have there!!
Only one thing I would mention....I wouldn't keep the fabric in the plastic. Cotton/fabric needs to breath. Plus, if there's ANY minute drop of water/moisture, you could have mold build up.
I have a plastic bin that I put my fat quarters in. I fold them, then stand them on end, so I can see what colors I have. I'd take a pic to show you, but the bin and the fats are laying on the floor. I'm soooo unorganized right now!