Wood racks basically provide space to stack wood. The wood needs to stack flat and allow air to circulate around the wood. The wood takes years to dry properly, so once you start doing woodworking projects you will also start acquiring wood until it became enough of a problem to build a rack.
So if you are short on shop space, and who isn't, wall hanging tool chests are an easy to build way to pull the storage of a large number of tools up onto a single piece of otherwise unused wall space. I have been blown away on just how many tools they hold while keeping the tools quick to access.
I added a plane stop to the Grizzly H7724 workbench. Grizzly wants $425 plus shipping new, but you can pick them up used for under $250 fairly regularly. I decided to upgrade mine, as my woodworking needs progressed.
I also added a leg vise to the Grizzly H7724 workbench.