It was high time to get my chisels, files, and rasps out of the drawer. I cleaned up some mystery wood on hand (it works like walnut but has a warmer color and is close pored--beats me) to make a pair of 4" wide boards and five 1/2" thick spacers. The whole thing is glued together and screwed to the cinder block wall behind the paneling with a tapcon screw through each spacer location. 1/4" oak dowel and finish nails serve as hangers on the front. It's basically the simplest version that I could make of the Popular Woodworking tool rack.
I feel like I can breathe now. The only problem is it filled up too fast. I do plan to hang a dedicated chisel rack off the lower right side of this at some point.