The 36th Avenue tutorial is great for the above project. It is very detailed. I saw one that was similar to this in a jewelry store. It was much bigger and had a vintage frame around it.
A peg board for my jewelry and jewelry making is on my wish list to make. My husband and I even visited Home Depot so I could show him the parts I needed. It is going to come to fruition once we move.
Please visit The 36th Avenue for details and beautiful photos of the process.