How high are the ceilings? Can you do a loft bed?

9 foot ceilings. I thought about a loft but still like the murphy bed so far.

I love murphy beds. I had one in my rented studio. I liked it so much that I installed one as a guest room in my 1bdrm condo. I will admit though, I rarely put the bed up in the studio and instead used the space under the bed for storage. You'll definitely have room above the bed so make sure to extend the cabinet to the ceiling. Same applies to your kitchen. If your kitchen ceiling is 9ft in the kitchen, spend the extra money to extend the cabinets to the ceiling. My current kitchen stores half kitchen stuff and half books and other misc. Live in the space a while before buying a bunch of furniture. A downfall of studios is once something moves in, you're kind of stuck with it (no space to store options).

Your plan looks great.....I have one suggestion.....buy a small round cafe table and two chairs. When the Murphy bed is up they can sit in that space. When the bed is down you can move them over toward the couch. Make sure that they are lightweight and easy to move.

Have you checked out Resource Furniture?

http://resourcefurniture.com/transform-space/#.U7Ke1fldV1Y

There are lots of interesting solutions to maximize space. They have murphy beds that fold down over a sofa or desk so that the space is truly multi-functional. They also have expanding and fold down dining tables.

Looks like you have some great sketches and ideas already.

Take a trip to the Ikea store if you have one close to you. They always have small condo layouts on display. It is really neat how they can work with only 300 to 600 sq. ft.