Peg board is super! I have a little alcove behind my one machine that has peg board. I hang my stencils, scissors, rulers, extra packaged pens, pins, patterns etc. instead of digging through piles of stuff it is right where I can see it. Think of spaces that you can attach leg board to just not a wall. The back of your sewing room door, the back or side of a sewing desk, inside a cupboard door....
Forgot to add...I put some strapping on the wall before putting up my peg board because you need space for the hook to go through the hole and out the back of the peg board.