I'm not an ex-spurt but the way I would approach this task is to know are you going to hang heavy or light tools? Meaning, with 1/8" or 1/4" peg hangers.
I'd then size the pegboard for the wall in question.
Frame the outer edges with furring strips as mentioned. Then devide the board horizontally into 12" or 16" spaces and (hot melt) glue the furring strips onto the back of the pegboard.
Attach the peg board to the wall using DeckMate screws into the wall studs at the locations based on the spacing of the horizontal furring strips.
Paint the peg board with Rust-Oleum gloss white or silver.
Keep the bottom of the pegboard about 12"-14" above the work bench and add a 1x4 shelf with angle brackets at the bottom...you'll be glad you did.
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