Nice space. My layout would literally drop right into your space. In fact it could be extended 2' to add more length to the freight and passenger yards. My initial criteria was 36" minimum radius but I could not get the track plan I wanted. The final as built is 30" minimum radius with minimum #6 mainline turnouts and #5 freight yard turnouts. The layout is MTH flex, .138 rail. Entry is via a swing gate. It works so easily its like it is not even there.
With 7' ceilings and 50" layout height lighting will be tricky. With only only 30" from the bulb to the scenery even wide angle floods will work like spotlights. You may want to consider LED tubes for area lighting with led accent heads wired separately for layout scenes.
You have plenty of space to build something special in S gauge.
