After years of rummaging through a drawer every time I needed an edge beveler or my wing dividers, I finally hung everything on the wall and I honestly wish I'd done it a decade ago. The setup is simple: a wooden dowel mounted on the wall, and a leather panel with slots and pouches that hangs off it. Took me a weekend, and most of that was fussing with layout.
The trick is to trace every tool on paper first before you cut any leather. Lay them out on the bench, play with the spacing, and mark where each pouch and loop goes. Make the pockets a bit deeper than you think you need, because a skiving knife or a pair of shears will work its way out over time otherwise. I stitched mine with contrasting thread mostly because it looks nice, but honestly a running stitch is all you need, it's not structural. For attaching the heavy stuff like a rotary cutter, I used rivets through doubled leather at the pouch bottoms. Rivets beat glue every time for anything that gets yanked out of a pocket twenty times a day. Also leave a couple of empty loops at the end. There's always a new tool six months later, and you'll thank yourself for the spare space.
One more thing: hang it at eye level, not above the bench where you have to reach. The whole point is grabbing a tool in one motion mid-project and going straight back to work.