I tried the open pouch (tote) and liked it but it had a few drawbacks. It didn't keep the weather out, plus everyone can see what's in your tool bag. I will stick with my Veto LC bag.
The holes are 1/8"...............go here:
http://buy1.snapon.com/catalog/item.asp?search=true&item_ID=651443&PartNo=A278&group_id=675977&supersede=&store=snapon-store&tool=all
There are no pegs for this board, there are clips that are screwed on to the board. There are three different sized clips, they hold the items pretty well.