I have a few short sections of cleats on my wall where a window is due to be installed. I prefer the look of them to peg board though they do ask a little more of your time to make a tool stay on it than a pegboard. It is very nice just having things there and to hand when you want them assuming you put things back! In Workshop 1.0 all my tools were just on the 2 workbenches so to use one I had to move everything which alone is frustrating. To then spend 10 mintues trying to find the thing you just put down moves things more into infuriating territory.
I'm not sure about putting things like jigsaws and sanders etc on them too, to my mind they could easily live in a drawer as a more efficient use of space but each to their own.
Just make a couple of 600mm cleats from some crappy material you have laying around and get some screwdrivers and stuff up and out of the way and see how you feel with it. A holder for those can be as simple as holes drilled in some ply, though I drilled a 8mm hole all the way through, a 15mm 1/4 depth hole and then notched the face of the board out through to the hole. So the screwdrivers just need to be lifted a fraction and pulled rather than lifted all the way out vertically.
I also made a board for some squares with a random 6mm mdf offcut and some 8x8mm blocks of pine glued on to it. Does the job nicely. I think I even cut the MDF to take off the random edges it had!
I have limited storage as yet in my new workshop, but thinking about efficient use of that space is important. A 1m square cleat wall is great, you could get lots of tools handing on it, but do they all need to be there, could more have gone in the same space were it a cupboard or a shelf, is a cupboard even viable option in that location (right above your workbench for example).
As I said, I don't want to use it to put my jigsaw on the wall, that to me can go in a drawer of a cupboard I am yet to even think about drawing.
My cleat wall, such that it is, currently has some screwdrivers, squares, chisel hammer, files and rasps, countersink bits, xmas tree bit, and I think some 80x120 and 240 grit sandpaper rolls with an old bandsaw blade to rip off sections as needed. I do want to add more, it's just doing it!