Start with good general lighting, then either track lighting or something that you can direct toward each work station, especially since you have no windows. I LOVE pegboard, I can't get enough of it. I can SEE everything, my tools are out of my way but always in reach. And those pegs can be reconfigured ad nauseum. There are ways to make it attractive. I painted mine to match my walls and put a finishing edge on it. Someone here on the board painted a quilt block on hers and glued a fabric border around the edges. Be creative.
Shelving, I have a whole wall of it my DH and I built to hold my stacks of fabric yardage and bins of fat quarters as well as dozens of books and magazines. A cutting table you can access from all sides like a kitchen island is wonderful and it sounds like you have enough space for one. A design wall, I'm still working on getting mine up. I have a little corner in my studio with a comfy chair and a lamp just for sitting and doing handwork, or sitting and reading, or just sitting and relaxing! Make it an attractive space you will WANT to spend time in.
A picture is worth a thousand words, and I've already said a lot, so here is a link to the thread about my new studio I posted a couple of months ago.
http://www.quiltingboard.com/mission...o-t217456.html