Assemble a pointy-tool pincushion
Store router bits, drill bits, screwdrivers, awls, pencils, Allen wrenches and hole saws in a hunk of 1-1/2-in.-thick rigid foam insulation.
To make this pointy-tool pincushion, just glue the foam to 1/2-in. plywood sized an inch wider than the foam. Be sure to use foam-compatible adhesive (PL 500 is one). Then press the foam into place and let it dry for a few hours. Punch holes for the accessories by rotating a small-diameter Phillips screwdriver or an awl at a slight angle into the foam. The tools will widen the holes to fit as you push them in. Screw the plywood to a shop wall over your workbench and load it up!
Thanks to Gary Weaver for this idea.