Heres what I use. It is on a piano hinge on my lathe stand. I know the 2x4's are kinda hoakey looking but I had to space it out so it would rotate over the cross brace and allow the tools to hang below it. I'll get around to re-doing sometime...maybe.
Seems to me that it looks just fine and works very well. Only you can decide if it needs to be redone but unless you can make a significant improvement in function I would say....."If it ain't broke......"
When I am not using my tools, they are stored inside of a Duck cloth tool roll that I made. When I am turning, they hang on the side of my portable lathe stand / cart on a magnetic tool rack. Really works great, and keeps them right where you need them.