Hi Terri: One thing you can do is to nail a piece of wood about 1/2 inch thick and as long as you need it to be, to your wall, about 3 1/2 feet from the floor. Be sure to attach it to studs. Then, check this site out: http://www.ashbeedesign.com/2012/05/organizing-tools-with-pvc.html for instructions.
I don't have a lot of wall room, so I made my own storage rack. What I did was make a top and bottom frame. Each one is about 2 1/2 feet by 2 feet square. I divided the squares into about 20 grids on both the top and bottom, 4 across and 5 on the long side, making the openings about 3" wide using 1" square pieces of wood. Here is a picture of something similar. You can make one, it was really easy! The side posts are 2x4's on mine and the floor of the stand is about 3 inches off of the ground, and it's about 3 feet high. It's similar to this picture, but not so crude:) My grids will fit only 1 tool so that they don't fall over and get tangled, but you get the idea. You can use your pallets for this instead of what I used. Good luck
Here is a great idea that looks simple https://www.pinterest.com/pin/174373816808268419/