Hey, it sounds like my new space (won't get started until Jan. though) - in the basement, no window. I'm doing a giant 3' deep closet with 2 6-foot bifold doors for fabric and batting storage. And I'm doing a bunch of recessed lights, the kind that can be swiveled and pointed where I need them. For the design wall I think I'm going to use several foam insulation board (4x8' sheets) covered with flannel. Pegboard sounds like a good idea too for hanging rulers and other hangy things. The floor will be easy-to-keep-clean painted concrete. Luckily my contractor made a quilt studio for his mom and he had some ideas.
Have fun with your new quilty space. I hope it turns out wonderfully! Please share photos when it's done.