I'm also an 07/C2 out of my residence. A storefront is not required as long as your business complies with local zoning.
CLEO does not have to APPROVE your FFL - he gets the courtesy copy, although if he were to object to the ATF about your business, it would certainly hold things up. So while tacit approval or non-interference by the CLEO is required, a signature is not.
Renewals do not require CLEO signature, either.
You must comply with all local and state business laws - to include licenses and sales tax licenses, if required.
I didn't have to draw out maps of my location, and getting the license involved very little hassle, and only one site visit from the ATF. Getting a zoning variance to conduct business from my residence took quite a lot of hoop-jumping with the city land use department, though.