I'm with Dave...except I don't actually make a tray per se. I run a row of sockets, cut a thin piece of wood, set it next to that row, line up the next row of sockets, and so forth. I use thicker pieces of wood with holes drilled in it for items like short extensions, swivels, specialty bits, and such. Then the remainder of the drawer gets the ratchets and larger extensions.
Boards with holes then screwed to the wall for screw drivers and like items.
And, I never use peg board...I use finish nails. You can get way more tools on the wall when you can put that nail where ever you want.
Other than that, cigar boxes and the like help organize the drawers with a larger variety of tools.
I can't think of one off-the-shelf organizer that saves more space than customizing your own. This cuts the number of tool boxes near in half and saves valuable wall space (for hanging junk on)!
There are a few plastic tool holders that come with tools like stubby wrenches and nut drivers that get screwed right to the wall and work out great.