Re-do guest closet

This closet is currently the guest closet (see: storage) but eventually will be the nursery closet. My plan is to outfit it now to be used as a nursery closet. This way I can complete this task WAY before being hit with other costs for a baby.

Current state:
8' x 3' 7" x 2' 6" (H x L x D)

My plan is to create more space and storage using the following items:

Rod extender, Container Store $12.99

4 drawer system, Bed Bath and Beyond, $49.99

Canvas storage bins (one of each), Bed Bath and Beyond $7.99- $12.99

Total price for closet re-do: $94