The answer to my dilemma was a basket filled with homemade dividers. It's not beautiful, but it functions very well for me. I do plan to replace these cardboard dividers with permanent ones sometime in the near future. Most likely, that will occur when I finish getting more of my space into better shape.
Whatever the decisions are in your craft storage and space organization, understand that your needs may change as you acquire more of certain supplies or learn to use them in new ways. Try to purchase items such as baskets or tubs that can be reused or easily moved in the event that you want to redesign your craft space.