Great space! I have the same folding table and I bought a Sullivan's ironing cover for it. It's silver teflon with grid printed on it and it fits the table exactly. Best $40 I ever spent! I got mine at Keepsake in NH, but you can find them online. I have a large cutting board that fits on about a third of the space, so I can cut and iron side by side, or remove the board when I'm ironing large pieces of fabrics or tops.
http://www.sewingmachineoutlet.com/sull12572.htm