If it were me, and I had a minimum of a 10' X 10' space to work with, I might want to replace or incorporate the table (along the back wall) with an L-shaped counter and L-shaped shelves. Don't block your walkways/entrance w/counter space as it appears that your table now does. Is there enough room in your shop to build an L-shaped counter with shelves underneath, another shelf at arms reach for cleaners and the like, and one above that for bike parts, with room for some tall items under the counter? Maybe you could even fit the front wheels of a couple complete bikes and a rolling tool cart in this space. You'd also be wanting a couple deep drawers and at least 4 shallow ones. I ripped apart a "Free" on CL metal desk, for the drawers, the back (used for a metal work surface) and the center drawer for my most used tools. Put most of the stuff on the shelves in boxes so they can be pulled out and moved easily w/o having to move one small item at a time. Use separate caddies for similar items like tapes and paint brushes, etc. Lesser used tools go in toolboxes or drawers on shelves. If you like the pegboard idea, you should now have plenty of room to keep your most frequently used items and you'll have plenty of clear counter space to work. The room looks small, get rid of stuff that's in your way. Organize and you'll be amazed at the amount of space you've freed up, make the most of it. Plenty of free used lumber out there too, just check out "Free" on CL.
