I have a small sewing space too and one of the best organizing tools is a pegboard. I have two pegboards and I hang all my tools on it. I don't just use hooks, I also hang small wire baskets to store larger things. The boards keep my tables clear and but keep my tools near. Here is a link to post that I did about my sewing room:
http://becrafted.blogspot.com/2011/1...update_31.html