Yes it's ugly, but oh so practical.
I already have rare earth magnets holding most of my hand tools at my work bench, but there are always a few things that do not fit or stick to magnets. For example, the wooden slicker, a pencil, or my embosser handles. A fast rack can be made out of toilet paper tubes, a piece of wood, and wood glue.
Step 1: Cut a Backing Board to Which You Will Glue the Tubes
First determine how much linear space you have, and cut a board to this length. I had a scrap of twisted one by four, so I cut off a piece of that to fit into an open space above my work bench.
Step 2: Mix Some Wood Glue and Water About 1:1 Ratio
Collect as many empty toilet paper tubes as you can find. Remove any remaining paper. Now this is the magic: pour an ounce or two of wood glue into a quart cup -- the kind you get at fast food places and can throw away when you are done. Add as much water as you added glue, that is dilute the glue one to one with tap water. Stir to mix well.
Step 3: Soak the Tubes in the Glue Mixture
Generously apply lines of glue across the surface of your piece of wood. This will become the back of the tool rack. One by one place a toilet paper tube into the glue & water mix. Rotate it so the whole tube is completely soaked in the gluey liquid mixture. The glue needs to be absorbed into the tube so it makes the tube hard after it hardens.
Remove the glue soaked tube from the cup and stand it on end on the board you are using for a backing, the board which you have coated with streaks of glue.
Step 4: Stick 'em Up
Repeat until you are out of toilet paper tubes or the backing board is full.
Step 5: Drill Mounting Holes
After the tubes dry they will be very stuck to the backing board. Turn it over and drill some holes so you can screw it to your workbench wall.
Step 6: Mount
If you wish, add a couple of sticks to the back to make the tubes point slightly up, thus allowing the tools stuck into the tubes to slide down in the tube. Screw it to the workbench or where ever you intend to have it. If you wish, paint it first.
And you are done. Congrats! Cheap, quick, and easy out of junk you already had. You could do something like this using metal or pvc pipe, or baby food jars (screw the lids to the board), but this is cheaper than buying plastic pipe and such.