This is pretty much what I was looking for. I may try this out, but have a few "rookie" questions if you don't mind:
1) What did you use to attach the pegboard to the uprights?
I took coarse thread drywall screws, small flat washers and screwed the pegboard to the 2x4 uprights. If you are hanging heavy tools on the pegboard-I would put a 1x2 across the middle between the uprights as a support-as the Masonite/pegboard is not all that strong.
2) With the shelf, what kind of wood did you use and how did you attach it?
I used a yellow pine 1x12. I screwed the back into the top of the uprights. I cut the leftover 1x12 into triangle gussets and made supports for the shelf. You could also attach metal "L" brackets to the uprights and support the 1x12.
3) In the attached picture, you can see I have a "lip" between my top surface and the 4 legs. Therefore, if I put 2x4 uprights on the back, they would not be flush with the legs. How could I attach it on mine?Depending upon the gap between the benchtop and the legs, you can cut a board that is the same thickness as the overhang of the top and sandwich it between the leg and the upright. From the pic it appears to be a 2x, so just put another length of 2x4 between the top and the bottom shelf of the bench and it will make up the difference.
I really appreciate it! Also, do you have any pics of your complete bench? This is perfect.