Derek, I think there's a good reason to both enclosed and open storage for chisels and other tools when one has a large variety of them. The most often used need to be front and center so they are easy to grab and use. The more esoteric tools can leverage enclosed storage that keeps them clean and out of the way during the longer periods of time between use. Since I have so few...the wall will do nicely in this next evolution. I think you nailed this concept with that on-bench rack for your most used items for sure!
BTW, I think I can "fix" the stability a little with the step drill as someone suggested earlier in the thread. I was using one today to solve another problem on another project and confirmed it would do what I need on the chisel rack so that the tools have an actual flat spot to rest in a stable way. I'll take care of that at first opportunity.
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The most expensive tool is the one you buy "cheaply" and often...