Took some time off from building the workbench to organize, and came up with this simple tool rack for the wall above the bench. It's a modification of a rack in the book from Chris Schwarz "Workbenches: from Design and Theory to Construction and Use".
I used a piece of 5' x 6" 3/4" MDF, ripped down the middle at 25 degrees, for a french cleat that was lag bolted to the wall. On top of this are three 3/4" MDF spacers, and the final layer is a maple plank that has been sitting in my garage for some time.
Simple, but effective, fits the space I have very well, and looks much better than pegboard, as shown by the pictures.