I loved this idea from the moment I saw it and nobody would know it didn't belong in a dining room.
http://ana-white.com/2010/10/plans/s...e-small-spaces
You can make a temporary design wall with command hooks and three hangers like this.
http://www.pinterest.com/pin/3940718395989726/
If you are handy or have a handy hubby you could make a hanging shelf under your little round table with 1x4's and plywood (kind of like a keyboard tray to hold cutting mat and rulers. When company comes you throw a table cloth over it and no one will know.
I also think you don't need to hide everything. I made this shelf with 1 x 6 lumber and it is a beautiful work of art as well as good shallow shelf storage. The fabric on the bottom is 1-2 yard pieces and the top is less than half yards, mostly fat quarters.