If your memory is better than mine, and all others in your operation have an excellent memory, that is a perfect solution.

However, I have a short memory, and would need to add one more thing to your great idea.  I would have to label each peg some way to know what is missing.  For example, you have one impact socket missing; is it a deep socket or a short one, what size is it?  I would not know (but probably would have an idea) what I was looking for to replace what was on that socket peg that is empty.

I painted outlines on my shop wall for wrenches held by screws, used a sharpie or oil marker.  There are neater ways to do this that take more time and cost a bit more, but considering you will use this all your life, it is probably worth some time and money to identify each piece on the wall neatly.  As years went on, a few things changed on my wall, so removable labels would be nice.  No more changes than you will have to make, it probably won't make much difference, as when tools are easy to see and identify what is missing, your only problem might be if someone liked the looks of the tools hanging and stole some you might not be able to replace exactly.

I sold my shed with the outlines, they are still there, but were very important for over 35 years of farming.