That's a neat design for a collet rack. I like to make such tool blocks from dense hardwoods and after finishing I soak them with a drying oils to enhance the color and retard moisture absorbtion. In this design I'd still make the top slotted part out of aluminum or brass screwed on to a bottom "L" shaped wood piece. It might be interesting to sink a small cylindrical neodymium-iron into the base under each collet to hold it in place incase of a tip-over. Those magnets are cheap and easy to get in quantity and various sizes from Chinese eBay sellers.

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