I have not made one, but I think it would be very doable. My daughter loves to paint and draw, but all those huge pads of paper are hard to store, so I thought I could make a "drawer" that would slide under the loveseat. Just a smooth piece of thin plywood type stuff (maybe something with a finish) and just a frame of 1x2s. Of course we have carpet, so it would just slide ... but maybe you could put some wheels on it for a hard surface floor. And, depending on the size, you could create compartments for the paints, brushes, crayons, markers, and other crafty paraphenalia.
A little organization for Mommy and crafty fun for the kiddos.
