I'm almost finished with complete overhaul of my space. The things I've done that I love (I had help from someone who had great ideas):
1. I hung two pegboards. One for all my rulers, one for other tools (rotary cutter, scissors, little baskets to put things in). All of this was available at hardware store and it's inexpensive and easy to install.
2. My husband hung long rows of shelves. The kind with the metal bars (they're called standards) hung on the wall. Then you place the brackets at the heights where you want your shelves. Then simply put the shelves on the brackets. Relatively easy to install and it has given me TONS of storage for my fabric. Then I folded my fabric all the same width so it's stacked neatly on the shelves.
3. I bought some fabric boxes on-line to put current projects in. Some projects needed two boxes. Then I hung little tags on each box so I know which box has which project without pulling each box down. The boxes with lids were too expensive so I folded poster board and made my own lids, covering them with contact paper. It's cute, was inexpensive and my project shelves look neat and tidy.