I just received the latest PaperKuts magazine and they have an article on starting a scrapping space. They start with a few basics and then show how to add on when needed.
I have a similar set up as to the article. I bought a tall 5 shelf bookcase with adj shelves. I use letter sized stacking paper trays for my cardstock and some small pull out shelves (2drawer each) to hold paper punches, rubber stamp items, adhesive and misc. On the lowest 2 shelves I store mags and binders. On the top shelf is my xyron and photo boxes with pics to scrap. I have an old kitchenette table with a formica top sitting perpendicular to the shelves. I just have to reach to the left to access the top 3 shelves but it is far enough away to access the lower 2 shelves too. Next to the bookshelf is an old microwave cart that holds lidded file boxes with my paper in (I use mainly 8 1/2 x/11) and misc items like chalks, pens, circle cutter. It is also large enough to lay my binders on that contain my scraps or templates. I use antique flower pots that I collect to hold my pens, erasers, cutters and rulers. This way I get to enjoy my collections and they are useful at he same time. The whole set up takes up approx 6' x 5' area of the family room. Opposite the scrap table is my desk that I use for girl scouts and sewing. A few steps away is the computer. Now I can scrap and be with the kids at the same time. (I admit I use their air hockey table for layouts but they don't seem to mind).