One problem in using older-style pegboard hooks is that they tend to pull out when the tools are removed. One way you can solve the problem is to insert them into the pegboard and use a hot glue gun to fasten them in place. In a minute or so the hooks will be fixed in place, although you will be able to wrestle them loose whenever you want to rearrange your tool storage. Another solution is to buy newer-style hooks that will lock in place with just the turn of a screwdriver.
As in all aspects of decor, the color of a lamp and its shade will affect the atmosphere and style of a room. Use strongly contrasting colors to make a localized decorative statement.