You know those 3-5 drawer plastic bins, some are even on rollers? Some of them come with smaller drawers and this is what I use for keeping all my stuff organized. Ziplocks with each kind kept together. One of the drawers is deep and wide - to keep things neat, I bought smaller plastic boxes. Those are great for all the extra icing tips that don't fit in your icing tip box.
Peg boards will get dusting in time and just one more think to clean over time. Now a drape of some kind that could fall down over all the things hanging there would help. JMHO