Thanks all for you your comments. I do have some cabinets in the shop held by french cleats, but this is my first foray into using them for individual tools. I like the freedom of being able to make an appropriate hanger and then later work out where to put it.
What sized screws did you use? I'd be terrified to walk under that weight,
LBD - I did not hang the cleats on the pegboard, if that's what you're thinking. I used 2-1/2" Spax construction screws through the 1/4" pegboard and into the stud wall behind, so there's 1-1/2" of the screws into the studs.
pottz commented about 12 hours ago you cant beat a french cleat system for versatility. it's funny thought that you mounted it on top of peg board !
I put pegboard in its place - as a substrate. Who knows, maybe I'll pop in few hooks in the pegboard for things like rulers or levels.
