Project Reorganize begins....3,2,1....now!

I am one of those lucky people who has a decent amount of storage space in my home.  I have a guest room, that I use as my dressing room/make-up and clothing storage closet.  However, despite having the whole room for that purpose, I still struggle to make it function well.  Maybe it's the small closet, broken drawer, or the fact that I live a busy (thus disorganized) life. I realized that I'm not getting good use out of the space, nor am I connecting with my creative fashion sense as often as I'd like to. There's a dresser with 5 functional drawers,  a small closet with a rack, and 2 shoe racks.  My first instinct is to get rid of most of it, but that sort of defeats the purpose of having accumulated my wardrobe.

How do you organize your clothes so that you have access to it all, but are not overwhelmed?

I'm going to work on it for the next couple of days, and will return with the results.  Wish me luck.