I've been telling myself I'm going to build a turning tool rack for the past 10 years. So far, I just lay them on the recessed lid of a large storage bin I keep under the lathe. But they get covered with shavings and there's not enough space to keep all of them out.
After reviewing lots of different designs, the one I like best is the one Tim Yoder uses in his workshop. I lifted a video frame from his show that includes it. This design is very similar to the racks they have at John C. Campbell. It's very easy to grab or replace any of the tools, your hand never has to get close to the sharp end of a tool, and all the tools are easily visible at once. I plan to mount this configuration on a backing board and hang it on the wall using a French cleat system so I can easily move the rack side-to-side for flexibility in positioning or if I later add additional racks or other wall storage options.