I'm dealing with space issues too. No matter what I end up with, I think my idea of putting a miter saw and drill press on the same stand is going to save me some space. I'm buying a portable table saw with wheels and making a picnic table with wheels into a shop table and putting peg board everywhere. I put one piece on the back of an existing bookshelf that was in the middle of the garage, so now it partitions off part for woodshop and the rest for somehing else. I like the idea of making all surfaces at the same height so that my table can serve as a surface for receiving large plywood cuts from table saw.
The main thing though is that I'm not afraid of making mistakes. That's how I learn. Sounds very basic but for me it wasn't that easy to realize ... easy to say.