There is all kinds of ways of storing tools with limited wall space. There is pegboard with hooks, slatwall, wood strips with slots or holes, shelves, drawers, and the old bench top. Here are just two examples of some creative craftsmanship. These are two of my favorites from The Toolbox Book. Thought they might give you some ideas.
This is a wall mount tool cabinet done by H.O. Studley (how's that for a cool name).
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This one is a free standing cabinet done by Andy Rae:
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This is a wall mount tool cabinet done by H.O. Studley (how's that for a cool name).
.

.
This one is a free standing cabinet done by Andy Rae:
.

.

.

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