Exactly this. Works well in schools so the teachers can see how many tools have been stolen/gone AWOL that lesson! They are often referred to as shadow boards. The ones we had in our school were made from plywood with hardwood dowels/blocks to hold the numerous tools, with the shape of the tools painted onto the backboard. And not just some crappy sharpie outlines, but properly painted and they looked awesome!
I did my own in my garage many moons ago... I'll see if I can find an old photo... give me a few days!
Currently I have everything in tool drawers because of sheer lack of space, but would love a shadow board again!