Brenda M's idea was excellent -- prime the wood first with a good wood primer (like Kilz), and with a good coat of white paint it will be wonderful to roll up your fabrics in color sections, then Christmas, batiks, metallic, misc prints (sky, bricks, travel fabrics, etc), baby, child, etc. I'd use the sides to install brads for hanging rulers, and maybe install your thread racks & quilting templates, etc. I probably would paint the front of the wood sections a contrasting color, or decorate with metal tacks of some sort or glue ribbon or use some of the fabric tape measures, etc., to glam it up a bit.