Do you have lots of the small punches?
Are they all over the place or tossed in a bin where you can't ever find the one you want?
I came across a great idea at the thrift store.
I attached it to the wall studs with a couple of screws and washers to hold it to the wall.
Any tray with a good structure would work. Even the individual metal trays for organizing a desk drawer. The plastic silverware trays are easier to find, I think they would work well on a table or in a drawer. I just don't have much drawer space in this room!