Wow! 24ft^2 for a shop sounds impossible. That sounds more like a bench.
Yes, it's a personal thing and certainly depends on the space given but too much space can be a problem too. Tools should be close to where they're going to be used, hopefully most in reach. Assuming the above, storage options are limited. My original questions, which I really wanted to back into was whether people actually used the "wall of cleats" pegboard, or something else. I'd hoped for some insight into the "something else". The YouTube videos are wall to wall wall of cleats. ;-) Pegboards seem to be heresy.