Hi All;
With limited shop space (especially walls), I'm always looking for ways to consolidate or store tools. Awhile back, I ran across an idea for storing hammers using PVC pipe-see pic below. Since then, I've found other uses for PVC pipe in the shop-it's cheap, comes in a lot of sizes, cuts and drill easily, and glues together fast and strong.
Below is also a lathe tool rack made with 2" and 1" PVC. Over the years I've had my lathe tools hanging on pegboard, in holes in a piece of wood, on various shelves, etc- none worked as well as the PVC arrangement.