DIY Pegboard?

I purchased what I thought was a Yes4All pegboard from Amazon, but it turned out to be just the pegs that measure 1.1 inches in diameter.  I wanted to return them, but Amazon offered a returnless refund.

Now I am considering making my own pegboard from a 2x8 board and drilling holes.  The board would cost me $10 at Lowes and a 1-1/8" spade bit would cost me another $10 from Harbor Freight.  Then the struggle of assembling everything.  It might well be worth the $20.  It would definitely be worth it if I happen to have some scrap lumber for another project.  The bonus for me is that I could custom fabricate it to 22 inches to accommodate 3 holes 6 inches apart and 2 inches of clearance on either end.  This would minimize the footprint as well.