Pegboard needs to be spaced away from the wall about 1/2". My pegboard mounts on a top board with a 45 degree angle on the top similar to the way a french cleat is made. I can and have hung a cabinet any where (almost) I want on the pegboard walls. That top board also has a 1/4" rabbit in which the pegboard sits, for a flush mount and also allowing for a cabinet.
I suggest putting 1/2" wide vertical spacers in between the pegboard spacing, so one does not block any holes. The ones you block will be the ones you want! A few surface mounted screws hold the pegboard to the spacers.
If mounting several sheets of pegboard, do not assume the holes will line up without measuring.
Do not assume the 1/4" pegboard sold in the big box stores is really 1/4". Measure the holes and the thickness with a drill bit.
Not everything should be put on pegboard. For those items, put them in a drawer or build a suitable hanger for them.
Some pegboard hangers are a bit pricey. I suggest you bite the bullet for a quality item and move on and enjoy your shop. If your plan calls for hanging 100 tools, and the higher quality peg hanger cost 25 cents more, that is $25.00. No doubt I have spent more than that on questionable tools that maybe I didn't need. At least I can tell at a glance where the tool is, and that is why I like pegboard.
Cheap pegboard hangers will always look cheap. I say, "Be well hung."