Nice storage solution.
Just make sure that you're careful reaching over the lathe to get a new tool if you have a piece spinning on it.
I bypass this dangerous problem by having a small wire mesh tray (which I think was intended for kitchen use) suspended under the tailstock end of the lath. The mesh is wide enough for most tools to slot into and those that don't just rest in the tray. The tools are then just next to my right hip and can be reached easily. Shavings aren't usually a problem as they tend to fall right through the mesh.
What is the tool that is 7 in from the right on the bottom shelf? It looks like a gouge that has suffered somewhat.