Sewing Studio

In about two weeks, I am moving into a new condo that has a 600 sqft finished basement! I intend to use the basement as my sewing/craft/hobby area, but I need advice on how to furnish it.

I am currently using my dinning room table for cutting, which is not good for my back. I know that the table I cut on needs to be higher than a normal table, but how high? My inclination is that it needs to be "counter height"- but is that right?

And in terms of size- I'd want it to be large enough so that I can cut large pieces of fabric easily. So I'm thinking maybe 2 yards long by 1 yard wide, at least. Maybe a square is best- 2 yards x 2 yards?

I have a couple ideas about how to achieve this. 

The first is to buy a table top and legs from Ikea. 

I could use cubby bookcases like the Expedit, or any of their other options, given they are tall enough. I'm rather 

Source

The problem with this plan is I'd be restricted by the size of table top available.

The second option would be to use Ana White's "Knock off Wood" Plans for the table pictured above. This might be optimal because I can fully customize the size of the table.

Besides a cutting table, what else do I need in a sewing studio? I'm particularly interested in ways to store fabric, both to keep it visible and to keep it neat. I would love to try some sort of hanging system. Has anyone ever seen this kind of system?

I'd love advice! How do I set up a dream sewing room?