I'm thinking of employing this method, myself. To make room for the spinet, I have to create or buy some sort of storage unit that'll fit in the remainder of the space. The best way to utilize space in a small area is to go vertical. The problem with that is then you have this looming piece of furniture that just might not compliment the space, or it'll create a focal point you may not want to have! Painting it the same color as the wall takes attention away from it.
Have you done this in your home? How did it turn out?