What a great space!!
I just got a room!!! I did the peg board thing for my ribbons and 'bows-in-waiting'. My dh mounted them to the wall on the studs w/ 'nuts' on the back side so there was a gap between the peg board and the wall. You need something to give you that space for the pegs. The Home Depot guy suggested the nuts or washers. You can use the wood behind it too. I also painted mine to match my pink/green theme. Best of luck, I can't wait to see!!!!