I splurged on an armoire about 10 years ago that was custom fitted for scrapbooking. Most of my scrapbook stuff is in that. Another option is the plastic rolling carts with 5 or more drawers. Do NOT buy the multicolored one with metal legs that Joanne's often sells. It is very unstable no matter how much you tighten it...

You are more meticulous than I am with my fabric. I have all my blues and greens, in a clear plastic tub, reds yellows and oranges in one, etc. I was amazed as to how much space that saved when I sorted colors and put them in the right size tub

Organize your room with a small area for scrap booking and a larger section of the room for quilting...
Book shelves are great for fabric. I like the ten drawer cart on wheels for your things that you need for sewing. Your cutting table can be used for cutting fabric and then for scrap booking when needed...Good luck...

The home supply stores are my friend in this area; Menard, Lowes, Home Depot.

I have way too much fabric to put into plastic bags and hang so I use plastic tubs. Right now I have 11 tubs; one for Christmas, Halloween, all other holidays/black neons/batikes, red/orange/purple/pink; blacks/whites, fall/browns, blue/green/grey, large prints/just no catagory, two with just kits in them, and one with anything over 5 yards of the same fabric. I use smaller tubs for baby, FQ, HYC, and other specialty fabrics that just do not fit into the above category.

So I know what I have in each tub I cut a 5" square from that fabric. (This is only for yardage a yard or above) With masking tape on the back of the fabric I write the tub name, yardage, etc. I punch a small hole in the left corner of each square and hang it from a round ring, or d-ring. When I need fabric for a project I just pull out the ring, or rings in my case, and look through my stash. (It is kinda like looking through paint swatches.) At just a glance I know if I have enough fabric for the project and exacatly where to find it. If I use that fabric and still have a stash of it I change the yargade on the back of the swatch so I know what I have in stock.

I set my sewing room up like my kitchen. Instead of sink, stove, ref. In a triangle I go from ironing, to cutting table to sewing machine. My fabrics are on boards inside filing cabinets. The notions are in shoe boxes on a book case. I put 3x5 cards on them for easy reading. I am really loving my space. Good luck with yours.

So funny ...all the quilters are recommending you a lot most of the space for quilting!!
I'd start with the big stuff. The work table and design wall and storage units.
Most of all , have fun

Please go to Quiltville.com and learn how to cut and group/save your scraps. I wish as a beginner someone had sent me there.You will be sooooo happy you did.