I think that's a wonderful idea. I'm sure you can think of clever ways to attach them. You could also buy a shadow box frame - they sell them at Micheal's, Hobby Lobby and JoAnn's.
We have a few of my DH grandmother's kitchen tools - her rolling pin, wooden spoons, grater, etc. I got a small slat wood box that looks like an old fruit crate - used small gauge wire and wired the items onto the bottom, and hung it on the wall in my kitchen. Like you, i couldn't see the point of having them tucked away in a drawer somewhere.
I'm sure you will get lots of good ideas from the folks here. Good luck - and please share a picture of your final project.