I have seen this style of tool rack around here and there. It can be handy for people who don't have much storage space near their lathe, and can't reach the lathe tool storage easily. There is a block under the ways with a tee-nut in it, and the black knob has a threaded stud in it such that when you tighten the knob it pinches everything together to secure it to the ways.
I see two drawbacks to this style of rack, which is why I haven't, personally, made one. The first drawback is that the tools are stored blade-down so you can't easily see what you are grabbing. The second drawback is that it precludes you from easily sliding the tail-stock all the way back to get it out of your way when you're hollowing or working on a face.
Still and all, it's a far better solution than many, so I thought I'd show it.
The example above is owned by Mack, the same guy who made the other rack that I based my rack on.
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