I love it.

I build my tool shelves in a similar way. Some comments:

Sometimes it's good to install the tools once the backboard is already hanging, it's more work but you can use gravity to find out where the tools will naturally land (where the center of gravity is), then put additional screws to align things if you want them to stay in a certain way. Also don't put things too high up that are difficult to reach for short people. The tools shouldn't fall down if they are accidentally bumped by users or other tools. I shake the board and poke at the tools after installing them to make sure they will stay secure.

PEACE