The previous ship design screen felt a bit too overwhelming and cluttered, so I brainstormed for a bit, and doodled on the new whiteboard a friend gave me. I think I've hit on a good layout. I made the changes, and I'm liking it a lot better.
On top left area, under "Name" and "Add Equipment", it is where you see a list of componenets, along with their power/space requirements, as well as cost and the remove button (X).
On bottom left is the description of the item, so if you want to know how much damage your laser cannon does, click on the laser cannon from top left area, and it will display the damage and how it's calculated (type * mount * modifiers), as well as any other important information.
Top right is the size/style selection. Middle right is the list of information about your ship (space usage, cost, power generation per turn, speed, etc)
I'm liking this layout a lot better than the old one. Still working on it. Clicking on "Add Equipment" will allow you to pick from one of the 13 types, and I hope to be able to present all the options in a clean approach.