If you have no windows, I'd recommend a bright white paint for the walls to reflect as much light as possible. If the budget permits, install can lighting (using daylight bulbs) over the entire work area or put in a large color corrected (daylight) florescent light, asking for bulbs that don't hum. You might pay more for them, but it'll be worth it not to have that constant hum in the background. Supplement that with lots of task lighting at your machine, cutting and pressing stations if need be.
Fabric storage would depend on how dry or damp the space is, in addition to how prone it is for insects and other tiny unwanted critters to infiltrate and set up camp. Peg board is a nice option for tools like rulers, cutting mats, rotary cutters, templates, stencils and other items that you want within easy reach and/or that need to be stored flat.
Have fun setting up your space!