I wish I had some pictures for you and would take some, but at the moment my craft closet is over flowing since our son moved back home for a bit and used my craft/sewing room for his living room and I've not gotten it back together since he moved back with his wife. ((YAY))
Anyway I have a four by eight sheet of heavy duty pegboard on one wall with commercial grade clear plastic baskets made for pegboard that I purchased all this when a fabric store that I worked at was closing. Not sure where you'd be able to find them, but if you can they are awesome for storing larger items on a wall.
If you have mostly smaller items using the over the door shoe storage pockets in clear work great too. I had them in all our closets at our last home for storing everything from hats and mittens to health and beauty items.
If you do use a pegboard make sure to buy the heavier duty because they'll last forever. Also check HoDe and Lowe's for unique storage gadgets made for them. They have little buckets, jars with lids along with a variety of hooks. We usually get ours at HoDe, but I'm sure Lowe's would have a good variety of pegboard storage gadgets too.
I did a bit of a search and see there's even metal pegboard. Now that should last forever.

Well let's see if I can get a picture to post. Here is my craft area. I used open shelving and slat wall. Hope this helps. Let us know how your project turns out. Andrea

The over the door shoe organizer has worked really well for us for organizing the kid's art supplies. It's all in one place except for the paper. I keep the paper in shelves in the closet. Here is a link to a blog with a picture.

Here is a link that might be useful: Over Door Shoe Organizer