I find that gutting a room and restarting is rather liberating.  It'll allow you to construct how you want and tailor the space to your EXACT needs.  I sense a trip to IKEA for some cabinets....installation and designing of a great studio with seamless entertainment options for the family and documentation hardware to give us those delicious tutorial and update vids we all so crave. 

Mazeltov on keeping the house, friend.  Having a permanent house to call home is truly a blessing in itself