Another option is to buy wooden butcher block counters from Ikea, or if you're really handy, lay-up your own surface out of lumber, like Boy G did with these poplar boards. This requires a little more time and a few more tools, but it's allows you to make a low-cost countertop that is durable and beautiful.
There's an easy shortcut to the overhead cabinets, as well. If you don't have the time and talent to build cabinets like these (paneled doors are not easy!), you can buy prefab unfinished cabinets at Lowes. They are really easy to hang with a cordless screwdriver and a level. Screw a ledger board onto the wall to make sure they are nice and level, then rest the bottom of the cabinet on the ledge, swing it into place, and screw it into the studs. The cabinets are not real heavy, but they are a bit awkward, so you may need a helper.
To add the shelves between the cabinets, use nail on strips that hold shelf brackets. You can buy pre made shelving at Lowes, or buy plain boards in the lumber area and finish them to match.
Add some plug-in lights underneath the bottom shelf and countertop height stool, and your craft space is ready for your imagination to run wild! Best of all: even with the shortcuts, you can build the whole thing for less than $800!!