It turned out pretty solid! I'll probably add some style to it in the future too 😎

I used scrap 1/2" plywood from the house for the primary backer. This is what I'll drill to the studs. Then I cut small 3" strips out of the remaining plywood to do two things:

A. Able to use 1" vs 1/2" screws to fasten peg board for more weight.

B. Raised the peg board off the backer more allowing 1 1/2" of space behind it for air flow, pulling wire, additional support, etc.

Overall only had to buy the two pieces of peg board. Everything else is scrap and materials I already had.