I have a wall picked out for a big board to hang to cover with felt (better idea?),
.......... I used black fleece! Much less costly and has been working great for over two years. I've hung full size quilts on there and they've stayed put for long stretches
While I like the convenience of pegboard, I guess I am the only one who HATES the stuff! I loathe how the pegs come out and then you are scrambling to find it along with anything else that has fallen with it!
You wrote ... I have a wall picked out for a big board to hang to cover with felt (better idea?),
.......... I used black fleece! Much less costly and has been working great for over two years. I've hung full size quilts on there and they've stayed put for long stretches
My best suggestion would be to take your time and not rush!
That usually makes for decisions that you regret later.
Better to have your room as a WIP than to make choices and later say, it's all wrong!
For thread storage ... I have drawers with each drawer dedicated to a different size/type. Mine are cotton 50 wt, polyester 50 wt, less than 50 wt, greater than 50 wt, embroidery floss, etc. along with a separate drawer for new spools plus a drawer with all the different types of hand and machine needles.
You said ... Right now I have all the little small what nots in a bucket that I have to dig thru,
I'm not sure what you have categorized in there ... hard to know what suggestions to give. Many might be things that could go into more drawers.
For most of these, consider shallow rather than too deep of drawers. And too, watch they are not so shallow that your thread won't fit! And remember, you might be buying the large spools, so need the space for them. I like my threads laying on their sides, so that I can see them when I open the drawers, plus I store the bobbin right with it, either with a bobbin buddy on top or the two in a small plastic ziploc.