I use pegboards all over my sewing/cutting rooms. Of course that takes away wall space to put wall hangings but I had to make the sacrifice to put all my tools, rulers, threads, etc. I also use the metal hooks instead of dowels as they just didn't stay in the holes well. I found the metal hooks online in larger packages for a lower price too. The long pegboard holds most of my embroidery threads and larger spools of quilting threads. The smaller quilting spools are in a drawer next to my quilt machine. Each color has their own drawer. I have my embroidery threads arranged to match the thread chart so easier for me to find quickly.
The photo showing my serger threads also shows my shelves of dress fabrics before I got them all on bolt boards of comic book boards. Had a broken pipe above the shelves just shortly after taking this photo. Not pretty either.
Here are my photos..............