Simple Tool Rack

I had a question lately about making a tool rack for woodturning tools. Generally I have seen three variations on the theme.
1) a series of tubes on end to take the tool shafts. The tubes may be in a bucket or box.
2) a box similar to a shallow drawer, sometimes literally a shallow drawer with dividers to keep the tools from rolling into one another and ruining the edges
3) a board with holes drilled into it to accept the tool shafts. The board is usually fastened to a wall or near the lathe.

I like the latter concept as it is quick to make and convenient to use. However, even easier is to pick up one of those tool holders at the discount bin of the hardware store. They seemed designed to hold all sorts of screw drivers and wrenches or the life but the holes seem to fit things life standard lathe tools, knock out bars, tommy bars for chucks, lathe wrenches and the like.