Mine's kinda like that, and you may be thinking of Lee's system, pictured in this post
http://www.penturners.org/forum/showthread.php?t=24765
I'll be re-building my pegboard wall into this cabinet that I got the plans for from Wood Magazine
http://www.woodstore.net/shtoca.html
It only takes one sheet of plywood and pegboard to build, so it could be built for around $50 depending on the price of plywood in your area.
I'll be customizing it specifically for penmaking/lathe stuff, because I'm sick of dropping stuff into shavings and having to search for it, or setting something down somewhere and not remembering where, spending 20 minutes looking for it and forgetting what I needed it for in the first place.
I hope with this cabinet that I will have a specific place for everything, similar to what Lee did with his wall. If you want any more info, just let me know Rob, I owe you, so anything I can do to help I will.