I'm about to do the same thing. Pegboard is good, just cut some thin strips of 3/8 lath to keep it away from the wall behind it.
I have a workbench I built in high school (decades ago) which I'm finally puttung into service. The top is laminated/planed 2x4s on a sturdy 4x4/2x4 base, modelled after our woodworking tables in shop.
I'm also looking at Craftsman steel tool drawer sets, preferably with more smaller drawers than full width ones - makes organising tools easier.
I wish that someone would come up with a useable socket set holder, and not these junk "everything falls out when you open it" abominations. I may build some in-drawer socket holders once I get my drill press set up.
I'm also going to get a couple of vises, and probably install a cleating system on one bench. Another project for the drill press... pretty soon I'll have justified that purchase!
