HI,
I use peg boards to keep all my rotary cutters, t square, rulers, etc. I run a pretty ribbon through whatever hole they have at the end. I eyeball it but I'd say about 6 inches and tie in a knot.
My husband also got some peg hooks (straighter than the ones I use) for plastic pails which I'm not crazy about but they make a good place for the kids' crayon buckets. Hubby's tall...I am not. Maybe if my boards were lower I'd make better use of them (cool scrap bag/bucket right next to my cutting area...hmmm I'm thinking I need a re-do too) LOL.