Terriamn, I also just bought a large shelving rack yesterday. My plan is to put in the closet for storage. I also bought 2, 3 drawer unit. My plan for those will be to label drawers for scrapes (light, medium, & dark) and also Christmas scrapes, & maybe fat quarters. In my sewing room, I also have the 8 cube wood shelf units from Target that I placed against one wall and use this for storing fabric stash. I refold the fabric on comic boards.
I suggest to spend a little time each day (or week) on organizing, instead of doing it all at once. It's always a work in progress.