That should work just fine. I kind of used that same shape for a sandpaper roller rack that I made for work. Its a great shape, without taking up much room and holds what it needs to.
On my hand saw till, I made mine so the handsaws are horizontal to the wall. I am not knocking your design, it is far more elegant then what I got, but since you mentioned making another, I thought I would present an"outside the box" kind of idea in case the horizontal idea may work better for you on your next one. Here is what I have.
I have no intention of traveling from birth to the grave in a manicured and well preserved body; but rather I will skid in sideways, totally beat up, completely worn out, utterly exhausted and jump off my tractor and loudly yell, "Wow, this is what it took to feed a nation!"