If you and/or your husband are handy, a Murphy bed would be a good space-saver. A desk at the right height would be a good place for a sewing machine. Or you could put a drop leaf table in the room, and cut on one side, and sew on the other. Use the closet for your storage, but be sure you leave a bit of room for your guests to hang their clothes when they are there. If you do it right, you can leave your sewing out most of the time, but have it guest ready in 30 or so minutes when you need to.