I do the same thing myself, but with other household stuff. I use machinist toolboxes to store EVERYTHING except fabric. My rulers, my threads (keeps them out of the sunlight!), parts for my longarm, parts and accessories for my DSM, notions like zippers and purse findings, and so on.
Now, if I could only get my fabric that organized, I'd be in great shape!
I highly recommend a trip to Harbor Freight (with coupon and sales flyer in hand) to get a big toolbox.
I actually have THREE - and they are full!!!