Another vote for design walls. It's amazing what you can pin to it. I have two --1 inch thick 4 x 8 insulation boards covered in light blue flannel. The older I get, the shorter I become and I'm having trouble pinning a tall quilt to the wall. The step ladder is pretty much off limits due to the balance problem.

It will be a great space as you discover what you really need.

I have 2 sewing machines, one treadle, and an embroidery machine. One wall is a full closet (meaning the length of the room), one is windows and another is Murphy bed with shelves and drawers. My last wall is where I have my TV, and a cork board (I pin my new patterns on it and pictures that I like).
About every few years I rearrange the room. I have shelves and a cupboard from Ikea, I prefer to keep my tools in drawers and storage areas than hanging on the wall.

I agree with everyone here-a design wall is great to have and I think a peg board attached to the wall would be a must to hold rulers and things like that. Please share a picture when you get organized. Congratulations on a new home.

There are two things I would highly recommend you include on your walls, if at all possible. I have a peg board - about 4' * 6' - and a design wall. I cannot imagine functioning without them.

I need a bulletin board for all the notes and memos to myself!! .

Two things you really need to have on your walls are a design will and a peg board.