Pondering what to do with the wall space between the garage door rails?

So my shop has double overhead doors, with a small hunk o wall between the two. The lower portion of the wall is where the ducts for the Air Conditioner route to the outside are. The upper portion is pretty much empty space. And on top of that, it is REALLY close to the drill press...

I apologize for the poor, far away photo of the space, it was the only one I could find when the muse whacked me in the head... This is pre-insulation and pre-drywall stage. The drywall is getting put up in place now, and I am having some serious long thoughts on what do do here...

I am seriously considering firmly attaching a 3/4" plywood backer to the studs, so I can put a screw pretty much anywhere, and just set up some shelves to hold my drilling stuff. Bit sets, jigs etc... That would be a great use of the space!

Another idea, this one a bit more intriguing, would be to build a small cabinet to go into this space to enclose these items. That would give me the practice I need at making raised panel doors for sure!

The items I need to store are...W

#1. Ryobi 19 piece SpeedLoad bit set.

#2. DeWalt 29 point pilot point bit set.

#3. Irwin SpeedBor Max auger bit set.

#4. Irwin SpeedBor spade bit set.

#5. Grizzly H7694 31 piece master Forstner bit set.

#6. Woodstock Large Saw Toothed Forstner Bit set.

#7. Pull out tray loaded dimensions 6x5.5x6 with large forstners, loose spade bits, countersinks, drilling countersinks, plug cutters, and self centering drill bits.

#8. Quick release hex shank extensions.

#9. General Pocket Screw Jig. (Considering upgrading to a Harbor Freight pocket hole jig).

#10. General doweling jig. (Considering upgrading to a Harbor Freight pocket hole jig).

I know I have far too many projects, and one of my proposed projects is to build a cabinet to straddle the base of the drill press to do the job I mention above plus hold the drills, but let's be honest here. I want to get this done NOW. Or at least soon. Not at some point in the future. But I also want it to look good, and help me build the skills. I have the material if I want to build it out of hardwoods, I am considering grabbing some 1/2" cabinet grade ply and having at that with hardwood (Pecan) trim and door... 

So do I do this fast and ugly, slower, but attractive, or MUCH slower, and much roomier, and not quite as attractive... 

Ugh, so many projects, so little time!