I'll add my vote for pegboard as well.
The one thing I can suggest is see if you can find a retail fixture supply place for the pegboard hardware. They should also carry the other items, like the bins and such. I managed to get 100 2" hooks for $12.75. Princess Auto (our version of Harbor Freight) was $1.49 for 4 of them and Home Depot was $2+ for 4 of the same hooks. The only difference is the ones from the retail store didn't have the plastic covers on the tips, they have a rounded ball on the end instead. I prefer the hooks without the covers anyway. Those covers just go flying when you grab something off the hook.
