Well I am presently faced with modeling in a small space, and just getting back into the hobby after 20+ years away like yourself. But faced with the challenge of trying to model in a cramped space, and accommodate all the "stuff" that we as modelers seem to horde, I came up with this ....
This is with the door closed and a shot of a 24" x 48" folding table I use as well
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By cowinacape at 2011-07-03:550:0]
Here is the same unit opened and lit up for working in
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By cowinacape at 2011-07-03:550:0]
Only down side is, if you want to close it up, you have to clear off the drop down work surface.
[View:/themes/fsm/utility/
By cowinacape at 2011-07-03:550:0]
Here is a shot of the front of the unit one more time, it measures 19 deep, 35 wide, and 62 tall. it is a home made unit, but you can see my inspiration was basically computer armoirs (spelling) biggest change was to the top of the unit, leaving it open to accommodate the clip on lighting. The shelves to the left are not part of the modeling gear, that is for work. I never thought to take a picture of it, but also the two bottom doors also hide more storage space for the unit as well. I stuck a couple of those plastic drawer units in the bottom half for smaller items, and and such.
But in a small space try and think vertical as much as you do horizontal. And as others have said, keep an eye towards folding furniture, or roll away type stuff (ie: a kitchen microwave cart on wheels that could be rolled into a closet to clear the floor when need be)