you could divide the room with a curtain..just put a curtain rod up on the ceiling (like they do in hospitals). Or you could use open shelving to divide the space.
You can also buy hanging things that have lots of little pockets for things like your rotary cutter etc which i hang on the back of the door.
I have a large trolley around 15 inches wide and 30 inches long (I got it from Kmart in the motoring section it is made of metal)on wheels which i store everything I need and I just get that out and off I go. I keep it in the storage cupboard in the office) I share office space with my husband so have to put away most of my stuff each time. In my storage cupboard I also have my design wall and stash..obviously if the boys move out i will take over their bedrooms in a flash!
Let us know what works for you and what you decide to do!