Here is how I have done 2 of my gun room walls. 4' x 8' sheets of pegboard horizontally, since I have a small room and low ceilings. It isn't too pretty, but it could be painted or otherwise "fancied up". The great thing with pegboard is the flexibility and the fact the you can get pegs designed to hold lots of different things. Across the bottom of one of the walls, I have tapped nails into the bottom horizontal 2x2s and hung my bayonets between the pegboard and the floor. I have always been planning on buying some small diameter rubber tubing or heat shrink to put over the pegs, but I haven't gotten that far yet. If you are careful, the pegs don't mark the guns. The third from last photo is a partial view of the 3rd wall with basic rifle racks. The last 2 photos are of the 4th wall, with an upright rack for doubles, spares, junkers, etc and book shelves above.