[zipzip]

Geez, is that a garage or art studio?

My first thought is practicality. My Father-in-law has done this to two garages now: pegboard on the top turned sideways (4' tall) and the bottom in particle board/plywood/waferboard (whatever you want). This provides a "wherever you want" spot to hang things. The bottom is smooth but durable. I don't think cost is too bad either.

If you want more aesthetics, you could paint the finished product in whatever scheme you want.

My 2 cents