You will need:
A cheap magnetic knife rack (I got mine from eBay for a few pounds)
A piece of wood as long as the magnet bars on your knife rack (I use some old lab beech bench top, reclaimed after a refit at work )
A smaller piece of wood for the blade guard (I use some old lab Iroko bench top reclaimed after a refit at work )
Glue suitable foe sticking metal to wood (I used Gorilla polyurethane)
Glue suitable for sticking wood to wood (I used Titebond II)
Plane Router with bit suitable for cutting grooves the same size as your magnetic bars.
Finish of choice (I used teak oil)
Step 1: The Build
1) Take your knife rack and flex it and remove the magnetic bars.
2) Cut a piece of wood just a little longer than the magnetic bars and wide enough to support the blade of the chisels. Clean up with sander and plane.
3) Route two channels in the wood for the magnetic bars.
4) Stick in magnetic bars (If using polyurethane glue like me you will need to clamp the bars to prevent them rising as the glue foams).
5) Cut two small blocks for the end of the blade guard, they should allow enough space for the blade to pass behind but not let fingers in.
6) Cut a length of wood for the front of the guard.#
7) Glue and pin the blade guard into place and clamp to dry
8) Once dry give a final sand and coat of oil.
9) Mount on your workshop wall and use.