The setup that you describe should work well enough. Below is a link to an illustration of a portable darkroom, Iím not suggesting that you should buy one, it just illustrates the size required. Shelving to allow you to spread vertically rather than horizontally will help.
http://www.novadarkroom.com/acatalog...Materials.html

The Nova processor will save on both space, and chemicals. A cheaper alternative, and one with a similar footprint, would be to use a Jobo drum on a roller base. Neither route will allow you to get your fingers in the developer, but maybe thatís a good thing if like me, you are sensitive to chemical contact.
I donít think your lack of darkroom water is anymore than an inconvenience, my first darkroom was waterless. As your prints come out of the fixer, immerse them in a tray of water until you are ready to carry them to the bathroom for washing in a batch. My first darkroom was waterless.
To start with I would recommend you use Resin Coated paper since this will present you with fewer initial problems to surmount. If you want to go straight to fibre paper, then use a double weight grade, itís easier to handle although you will still have the drying problems to contend with.