Pegboard is a great idea!
+1 on the lighting upgrade and covering the insulation with something solid.
NoNeck180's comment on more room not making better ammo is completely correct as well; you've got a good setup there. You may eventually wind up with the multipress dilemma, but it's a very good starter.
I would suggest a fire extinguisher, especially as your setup is under (guessing here) the only way out of the basement. In any case, it makes wives and insurance agents happy.
As another possibility for storage, your last photo shows studs with wallboard inside. If the wallboard is put on the outside (might be already) and the inside layer is removed, you can pack a lot of shelves between studs. Simple, quick and effective, albeit limited to 3 1/2" deep.