Turning Tool Rack

It is time to make some racking/storage for my turning tools. My shop is becoming a nightmare with stuff piled everywhere. The general concept of this rack comes from American Woodworking, March 2008 edition, and more particularly I found out about it from a fellow turner on the Canadian Woodworking forum. This is a picture of the rack that he made, based on the aforementioned plans:
This is a very simple rack and yet it appeals to me for several reasons. Firstly, it doesn't really matter how long the tools are, and turning tools can vary a fair bit in length. Secondly, the bottom board being angled is very clever because it not only sheds shavings but it 'pushes' the tool handle into the recesses to hold the chisel in place. I think it's very clever, so I'm trying the idea out.

First, to make the 'corrugated' cross-pieces. I take a board and lay out the hole centers and drill about half way through with a hole saw in a brace and bit.
Now I flip the board over and finish the holes from the other side. By drilling them part way from each side they won't splinter out on the back. After drilling I planed each side to get the worst of the whiskers off, then I re-drew the line through the hole centers and ripped the holes in half. Now with another rip cut I will have two corrugated boards.

All I need now are the sides and the bottom piece. Easy peasey. I'll probably finish making it in the morning and post it then.