When we moved into our new house the lovely missus let me have a room down in the basement to make into a hobby room. But only on one condition. That the room remains neat and tidy! So in an attempt to get organized I needed a workbench and tool rack that wouldn't blow the budget.
Find in the next few steps how I did it , and take from it what you need to construct your own set of racks that meet your needs.
Step 1: Gather Materials
You might be able to find shelves in the garbage, or you can buy a new set at most home centres or IKEA. These shelves were 36"x18" and were rusty.
I used salvaged 1" thick pine boards for the frame and tool holders, that were used at one time to hold a futon mattress off the ground.
I picked up the rare earth magnets at Lee Valley tools. (http://www.leevalley.com)
I used the following
3/4" Rare earth magnets. Part # 99K32.11
3/4" rare earth magnet cups. Part # 99K32.54
Anti-slip magnet discs. Part # 99K34.53
1/2" flat head screws
3/4" self tapping metal screws
3/4" wood screws
Step 2: Tools Used
Clamps (Can you ever have enough?) Clamps are optional if you have some buddies around to help you hold the frame while you drill
7/8" forstner bit for drilling the recess for the magnet cup. You could also try a spade bit, but the point of the bit may come through your work
Other drill bits for drilling pilot holes and holes for your tools
Mitre (chop) saw. You can use a hand mitre saw, or even a jigsaw if you are not picky about your joints
Drill Press (optional)
Sandpaper (60,100,120,220) grit