Ross Leidy
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. 
More a tongue in cheek comment, however, loosely based on my experience when clamps breed like rabbits and start putting on weight... mainly referring to my Besseys.
Not overly obvious, but my rack has sagged more than 10° out of original vertical, from sheer weight,

... I believe, hardware fault.

If your first cut is too short... Take the second cut from the longer end... LBD