I have to agree that those racks are an annoyance. You can reduce the (rack) size a bit by drilling more closely spaced holes in a block of wood but the interference of the handles still prevents a package as compact as that obtainable with the L-type wrenches. A healthy countersink on the holes in the rack will guide the wrench placement and make it easier to put them back in the rack.
For wall storage, a magnetic bar such as those given away by Harbor Freight works well and the induced magnetism in the wrenches can be a help when placing fasteners in difficult to reach locations.
I buy the cheap, plastic-handled T-type (as shown in the first photo), as a supply for dedicated wrenches left where they are used so they are seldom returned to the rack. My bench top wrenches, including the tiny jewelers' screwdriver types as small as 0.7 mm AF, are kept in wooden holders.

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