as far as storage goes, can you use some of the "under the bed" storage containers under the futon? (I don't have a futon, so I don't know the clearance space under one).
Also think vertical storage. Behind the door shoe organizers work great too for small stuff - notions and/or patterns, etc.
Some quilters have the sewing desks that fold up into a cabinet. That would give you more storage but you could close it up when done. (and at least in the cabinet not have to keep stuff too picked up).