Step 1: Materials
To secure the peg board I used several pieces of pre-drilled angle iron with oversized washers to prevent the peg board from pulling through.
Step 2: The Extras
A starter pack of peg board hooks run $5.99 on sale and the same multi-outlet strip is $10-15 cheaper than most home improvement stores.
I also added a 15 bins parts organizer.
In total I spent roughly $75 and 2 hours to makeover my workbench. Well worth it I think.