It's a great idea to have a dedicated space for practice. They key I believe is to make it easy to start. The more work involved in getting going, the less likely you will practice. I had these thoughts in mind when I set my space up. The only drawback for me is that I am set up in the basement which can get damp. I won't leave my guitars down there, so I have to grab a guitar to bring down with me. Not the end of the world.

I wonder why you suggest a TV tray with a cookbook stand rather than a dedicated music stand?

I agree that guitars should be left out. In addition to be able to admire them, the moment inspiration hits, you can pick it up and start playing. My wife isn't too keen on that, but it is what it is :).